www.iva.co.uk

We sat expectantly waiting for the phone call yesterday when the phone did ring it was to tell us the meeting was delayed. Arghhhh..... They rang back a couple of hours later and told us that Northern Rock (our largest creditor) had not agreed and they were trying to talk to them. Should hear something today but I'm not holding out much hope apparently they are very difficult to deal with.
Looks like it will have to be a debt management plan (at least I hope thats what will happen)Its disappointing and I'm not sure what happens now but I'll keep you updated. Thanks for your support.
Karen

Hi karen,

don't give up hope yet....plenty of posters have NR as creditors. Hopefully you're IP will find a compromise with them.

xx

Keep your chin up. NR were my largest creditor and had the 25%+ vote and they agreed albeit to 72 months instead of 60 but that was on the cards anyway.

Just had the call from Payplan Northern Rock have accepted my husband and rejected me on the provision that we go onto an interest only mortgage and pay the difference into the IVA. For the moment we have decided on the debt management plan because this will take time to think about and organise. The problem is I view this debt as OURS and they view it as two seperate people.I'm very confused and not sure how this will work any ideas?
Karen

Is the mortgage with NR?

Yes Cath the Mortgage is with Northern Rock and we have an unsecured loan with them which is what is causing the problem. I dont really mind going on an interest only mortgage but it will still take much longer to pay off.
Karen

Don't worry about going on interest only...we did this too with NR.

I think most of us are on interest only! You can go back to repayment post-IVA. I guess you need to weigh up whether in the long run DMP for however many years it will take or interest only mortgage for 5 or 6 years.

Karen sorry to read this, I never understand how they reject one person and accept another on a joint debt.

I hope you can get a DMP in place and it works out positively for you.

So sorry to hear this Karen, I can't understand how they can do it for one, but not the other. No sense in that.

Do a DMP initially, but I would try one or two other companies when you go for another IVA.

I agree, try shopping around before the next IVA