Northern Rock

[pippa]

Hi all
Does anyone know what the situation is at the moment with NR. I am currently just starting out on the road to an IVA. I understand from various sources that they will not accept anything less than 45p is this still the case. (I have 9 creditors and NR are the biggest creditor with 42% of the debt)

Thanks [:)]

Pippa

ps. Fabulous site.

[MelanieGiles]

Hi Pippa

This creditor does not necessarily have a minimum dividend criteria, but looks at each case on a case by case basis. I believe that they are not amenable to proposals where the debt was taken out fairly recently, as they feel that the debtor ought to have known that they could not afford to repay it.

Why not speak to them directly about your proposed offer, to see if they will give you any feedback.

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

[pippa]

Thanks Melanie

I have had the debt with them for 3 years and have paid just short of a third of the original total (loan and interest). My payments are upto date ( no defaults) would this be considered new debt after 3 years, what timescale do any creditors consider new?

(Sorry so many questions but if I dont ask my brain doesnt shut up)

Pippa

[MelanieGiles]

I would not have thought so - but then we do not really understand their internal policy.

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

[pippa]

Thanks again Melanie.