new to forum

[nursejojo]

Would just like to hi to everyone in the forum.

I am just starting the iva process, I have debts of around £80,000 to various creditors, bank loans, credit cards & store cards. I just dont know how i've copped these last few months, but been reading this forum for the last couple of weeks and you lot have helped a great deal. Answering some of the worries i had about iva's etc. so a big thankyou to you all[:D]

I will keep you posted through my process, as i know it's reasurring that there are other people out there having the same difficulties and money troubles as you are.

Thanks again jo x

[mikebdomain]

Hi nursejojo and welcome to the forum, it's great that your questions were answered without you having to post, but it is nice to see you posting now. Congrats on your IVA .

FREE ADVICE IS THE BEST ADVICE

LEYBRIDGE LIMITED
Mortgage Broker
Specialising in adverse credit.

see feedback and testimonials at:
http://www.leybridge.com/testimonial.php
Check out my blog at:
http://mikebdomain.blogs.iva.co.uk/
Please read our Initial Disclosure Document(IDD):
http://www.leybridge.com/Leybridge-IDD.pdf

[iva_squirrel]

Hi nursejojo and welcome to the forum,

Thanks for posting your thoughts.
Can you post some more information about your debt?
Are you a home owner?
How much is your disposable income?
How many creditors you have?

Regards,
Michelle P.

[nursejojo]

Hi iva squirrel and thanks fo r replying.

My debt are as follows:

Loans-
Bank loan HSBC £27000
GE money loan £5000
Northern rock (together) £20400

Credit cards-
HSBC £5600
MBNA £5000
Halifax £6500
capital one £3000
Barclaycard £360

Store cards (next, debenhams, evans, bhs, house of fraser- £5000

I am also a home owner with about £15000 equity which my IP may or may not be using now, we are id discussion over this at the minute.

i have about £575 disposable income. I have a lodger who shares the bills and food and obviously contributes to his room.

Hopoe i've answered your questions

Thanks jo x

[Adam Davies]

Hi Jo
You may have a little bit of an uphill struggle, I,m afraid ,as you have the infamous NR accounting for possibly 25% of your overall debt.You will need to offer a 40p plus dividend and your equity will almost certainly have to be paid in the fourth year.
I do not want to disappoint you but just want you to keep an open mind.NR still accept some IVAs so you will always have a chance and I guess that your IP will not propose it if they hought that it was a non starter.
Have you appointed an IP yet ?
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

[lily]

Hi Jo

Just a word of warning, if your IVA company are insisting that you make up front fees whilst they draw you your proposal, so NO. Unless, you have it in writing that the money is returned on rejection.

Dont mean to sound negative. As Andy has said NR are rejecting almost all IVA's at present.

lily

[nursejojo]

What would you do about the equity in my house, would you try and secure some debt on it, sell it and rent it back from a firm if an iva isn't going to work for me. i have an IP at the minute who is working out figures etc at the min to whether an iva would work for me. So not sure if i'l have to go through the bankrupacy route, but really dont want to loose my house.

thanks jo x

[Adam Davies]

Hi Jo
You need to be careful with regard to disposing of your home whilst insolvent.Companies that buy your property and rent it back usually offer upto 80% of your house value.
Do you have a relative who could raise the 15k and buy your equity from the OR ??
Just wait and see what your IP comes up with because bankruptcy will return next to nothing to your creditors compared to an IVA.You never know,your creditors may see sense and accept your IVA and a far better return
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

[nursejojo]

Thanks for replying Andy.
I don't have anyone to buy the equity at the moment.

Hopefully i'm getting a decision tonight to whether my IP is going to take the case on or not, so fingers crossed for me.

Thanks jo x

[MelanieGiles]

So far as I am concerned everyone still deserves the chance to put their proposals in front of Northern Rock, who will then decide whether to accept or reject. But as you have a one in ten change of acceptance, based upon the amount of money you have already paid coupled with the remaining balance outstanding, it is fair to suggest that you do not build up your hopes too much.


Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp