Northern Rock who have now refused my IVA twice

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Lesley.o

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Post by Lesley.o » Tue May 06, 2008 10:33 pm
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My biggest debtor is Northern Rock who have now refused my IVA twice - What can I do ?
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MelanieGiles

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Post by MelanieGiles » Tue May 06, 2008 10:37 pm
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Hi Lesley

Can you give me a few more details about your case.

Is the NR loan a Together product (linked to your mortgage) or an ordinary unsecured loan?
Do you know why it has been rejected?
Would you be prepared to extend the repayment period to six years?
What percentage of the overall debt do you have with NR?
When was the loan taken out?
Regards, Melanie Giles, Insolvency Practitioner
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Lesley.o

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Post by Lesley.o » Wed May 07, 2008 9:34 am
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MelanieGiles wrote:

Hi Lesley

Can you give me a few more details about your case.

Is the NR loan a Together product (linked to your mortgage) or an ordinary unsecured loan?
Do you know why it has been rejected?
Would you be prepared to extend the repayment period to six years?
What percentage of the overall debt do you have with NR?
When was the loan taken out?
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Lesley.o

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Post by Lesley.o » Wed May 07, 2008 9:42 am
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Hi Melanie,
Bains & Ernst have been dealing with my IVA and I'm currently on a Payment plan through them with my various debtors. I have two loans with NR one is a Together loan and the other a stand alone.
Initially I understood that NR had refused the IVA due to the amount of "fee" Bains & Ernst wanted to charge, but have had no reason this last time why the IVA failed.
I'd be more than prepared to extend the payment period - anything so long as there is a end to this issue !
I think that NR have about 50% of my overall debt.
The loan was taken out about 2 years ago, the together loan about 18th months ago.
Cheers
Lesley
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MelanieGiles

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Post by MelanieGiles » Wed May 07, 2008 10:52 am
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I suggest that you get a second opinion from another practitioner, as I feel that this is worth representing.
Regards, Melanie Giles, Insolvency Practitioner
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rayb

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Post by rayb » Wed May 07, 2008 11:01 am
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I agree with Melanie, try another practitioner. Also do not use Baines and Ernst as they put you in touch with there sister company Blair Endersby who represent the IVA and they are about as much use as a chocolate teapot!!!
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facingittogether

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Post by facingittogether » Wed May 07, 2008 12:43 pm
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hi - just wanted to say sorry you are having problems!

hubbys biggest creditor was nr - melanie represented us and our ivas got approved on 28th april - maybe it would be worth seeing if another ip can help!

good luck!

barb x
12 down - 60 to go! woo hoo!
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kal

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Post by kal » Wed May 07, 2008 1:35 pm
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Hi,
Just wanted to wish you luck.
NR is our biggest creditor, and they did accept our proposal, although they did reject the fees being charged at first, but we were told that that would not stop the IVA, and it went through at the end of March.
k.
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