Hello. I'm Sally and this is my first post.
Me and my partner are looking into taking out an IVA. I've worked 2 jobs totalling 65 hours a week for the past 18 months and the evening job has just come to an end. For my own health and sanity I can't go on working 65 hours (in fact possibly more than that if I could find another evening job) and so we had no choice but to look at an IVA or a DMP.
It was a difficult decision to make as I've never been late on a payment. I've spoken to a few IVA providers but I'm confused on a matter and I'm hoping the people on this forum may be able to help.
We have a Together Mortgage and one IP has told us that we can't include that in our IVA. (However my understanding was that all unsecured debts had to be included in an IVA).
Having read for hours posts on this forum I understand that some people have had their Northern Rock Unsecured Loan included. So now I'm totally confused.
On another note I've read that Northern Rock can be funnny about entering IVAs and try to reject them. As the loan would make up over 25% of the debt I'm worried if it was included that my IVA would be rejected.
I'm not after a definite answer. Just some people's experiences to try and give me some idea of what to expect.
Many thanks in advance... and can I just say how great a resource this place is.
Hi and welcome
The NR unsecured MUST be included in your IVA and they are agreeable to IVAs as long as your case meets their criterea.
Chat with several companies/experts so that they can give you the aswers that you are looking for
Regards
I echo Andy's post, you need to speak to one or two professionals before making a final decision.
Visit www.iva.com for a list of companies and reviews. You could also click on the experts link on the left hand side of the page and speak to a couple who post on here.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
hi sally melanie giles has a good understanding of the criteria of northern rock aswell as the other creditors criteria.it would be worth giving her a ring as one of your contacts.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
What utter rubbish to tell you that a together loan cannot be included in an IVA. I certainly hope that the firm you spoke to were not insolvency practitioners!
Northern Rock are generally supportive of IVAs, and probably are not accepting around 85% of those which are presented in line with their own specific criteria. You would do well to speak to other professionals who will have a better experience of dealing with this lender than those you have chosen so far.
