Hi westonr
You were offering over 50p dividend to Northern Rock through an IVA and in bankruptcy[if you decide to]they will get next to nothing.
Catullus is spot on when he states that NR assume that you will not go bankrupt and the more people that do following a rejected IVA proposal the sooner they will change their harsh stance.
I an no expert on company accounts but I guess that a debt in a DMP has less impact on the companies bottom line than an IVA would have.
I accept that some IVAs are proposed when a DMP would be better for everyone and these should be rejected swiftly.However genuine people like yourself,with no equity should not be stopped from trying to pay as much of their debt as possible and forced into a neverending DMP or bankruptcy.
Regards
Andy Davie
IVA.co.uk Spokesperson
About me:
http://www.iva.co.uk/andy_davie_profile.asp
IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp