www.iva.co.uk

Hi
Can anyone tell me if they have had any experience with Lloyds and Northern Rock with regard to IVAs ...... are they sympathetic towards IVAs or not

Regards
Gav

Lloyds were one of my creditors - I think they were represented by the Auditor group KPMG but I maybe wrong. They made life a little tough, but did accept my proposal after adjournment.

As for Northern Rock, I believe they are an issue at the momement. If memory servces correctly, they arent accepting IVA's at this point in the time. But in the past, they have wanted minimum returns of about 40-45p/£.

Im sure another expert (Im a expert only from the point of view of a debtor who has been through the IVA process) can correct me if Im wrong.

I have found that Lloyds very often are open to IVA proposals, although the Blackhorse brand (owned by Lloyds) can be problematic if the debt held with them is larger and less than 2 years old.

Northern Rock are a little problematic, but they have assured us that they will look at each case on it's own merits.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

Hi gav and welcome to the forum

Both creditors remain supportive of IVAs, providing that they feel that you are putting the best offer on the table and that there are no real alternatives.

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

My main creditor was Lloyds and the amount was £26,000 with £2k of that an overdraft which some was run up just before the IVA and they voted yes

gav wrote:

Hi
Can anyone tell me if they have had any experience with Lloyds and Northern Rock with regard to IVAs ...... are they sympathetic towards IVAs or not

Regards
Gav

Gav, one bit of advice I can offer is if you do need to convert your mortgage to Interest Only with Northern Rock make sure this is done before the IVA proposal is sent to them. Make sure you get written confirmation as there voice confirmation means nothing as I found out. Have some hassle at the moment getting it converted but hopefully will be resolved shortly.

IVA Accepted today but Northern Rock didnt vote (they didnt have a high percentage/leading vote so they dont always vote then i've been told by several people).