can they still make us bankrupt

[MelanieGiles]

Hi Tracy

Northern Rock ought to have no problem in amending your mortgage to interest only - clients of mine did this easily a few weeks ago just by telephoning. I feel that if this had been done at the time, then you would have an IVA in place now that you would be happy with.

However, you must deal with the "IVA" which is already in place bu sorting out your dispute with you IP, and the sooner that is done you can seek alternative advice. If you want to send me your details to look at, please use the form on my website, and I will give you an honest appraisal of your options.


Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[tracy.h]

thanks ip emailed today and said hes reply is in the post.I should recieve it tomorrow.If they are still claiming that i agreed modifications but the va has failed what do i do?if you can still have a look melanie that would be great.
I dont no the situation if they still say im in a va.Does that mean they can apply to bankrupt me or the creditors will do it,dont think i will sleep tonight.How do we get our names of the register,they seem set on making the va stand

[MelanieGiles]

Let's wait and see what the IP's response is first. Chat tomorrow.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[tracy.h]

Well feeling a bit confused,had reply from ip,he states that there is an imagiary conversation of my self and partner [who never through out our assosiation with the company ever had any conversation with any member of staff]agreeing to 61 modification,but in saying this explains that because they failed our arrangements we are now in a position to try for another iva,also that they have not charged us for any work that they carried out and this has been bourne by the company.
The thing is we never had any conversation with anyone agreeing to sell our home.
Iwill be submitting a full report to the ipa as i no they have no evidence to back up there claim.
Can i also just say to any one who are reading my posts this is a very rare occurance so do not be put of looking into an iva with the right advice and correct ip even with all the stress i have had i still feel with the correct advice it is a way to help people move forward and find one of many solutions to help them on the road to start again.
I have had so much support ang good honest proffessional advice with out this copeing with this situation i find myself in would have been even more of a mountain to climb
For me now i need to no where to go from here,with my name on the iva register how do i start proposeing another iva,any advice would be much appreciated.

[tracy.h]

By the way have contacted northern rock and they can put our mortgage on interest only.The difference being £741.90 compared to £994.50 that we are paying now.If we can go ahead and resubmit another proposal for iva then this would give us a comfortable £800 a month to pay into an iva.I no that it is not going to help pay the balance of the mortgage but with the £25000 equity that we have in the property now then after 5 years hopefully that equity would have increased so we can then go back to a repayment plan?

[MelanieGiles]

Tracy

I am glad that this matter seems to have been resolved. I know both partners at Hamiltons very well, and can honestly say that there must have been as serious misunderstanding between yourselves and their staff for you to find yourselves in this situation. They are two of the most professional people I know in this industry, and I am just sorry that things have not worked out for you in this instance.

It now appears that you have a solution available that may meet with creditor approval, so seek advice from an alternative practitioner to see if they will be prepared to take your case on.

Good luck

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[tracy.h]

Thanks melanie,i have filled in a form on your site jst for your proffessioal opinion on our situation and your advice on our position.
Also could you make any reccomendations regarding a new ip if once you have looked at our financail circumstances and feel that a va would be financaily viable for us i would appreciate your honest opinion
thanks for all the support and advice.I will still log on to the forum to see how every one is doing
thanks

[tracy.h]

Oh well the phone has sttarted ringing ,i must admit after the last 6 months of stress i have answered and explained my situation and that we are looking to propose another iva,what i needed to ask if any one has an answer is
Wwhen i spoke to natwest they asked me to make a token payment and that way while we are trying to sort out an iva they would stop interest while we did this ,and if we were successfull then once the iva was in place it would jst be transferred into the iva it just sounded a bit to good to be true.
Im prepared to make token payments to all creditors while i sort things out,as my previous ip told me not to pay anything,i just feel 6 months is a long time will i be doing the right thing?

[MelanieGiles]

Tracy

There is no problem with making token payments, so long as you ensure that you make token payments to all creditors based upon their individual levels of debts and the amount of disposable income you have available.

As you now have the money returned by your former IP, the right thing to do would be to make all of your creditors a gesture of good faith whilst you ask for a little more patience until you are again advised.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[tracy.h]

Thank you melanie,
It is a relief to actually feel that im doing something positive,i no i have a long way to go but for the first time in quite a while i feel that maybe there is a light at the end of the tunnel,and i must thank you for the advice on nr i think that will make a difference
thanks Tracy