www.iva.co.uk

Hi Guys,

First of all a bit of an update on how my proposal is getting on. We have received and returned our proposals and are offering a return of 43p. Not got a date for the meeting get but I'm sure this wont be too long now.

Myself and my husband were fairly confident with our propsal yet have always remained very cautious as my husband has debts with Northern Rock, unfortunately the debt is significant enough to give them the casting vote.

Having not been on the forum for some time (not enough hours in the day!!!) I have re visited and am horrified to hear Northern Rock are rejecting all IVA's? Arrrggghhh is this right? My husband is remaining open minded and is trying to keep me positive but I feel as though were now just waiting round for trhe inevitable, an outright rejection from them. Can anyone shed any light on this?

Thank you all in advance
Andrea.

Hi Andrea and welcome back! I believe that Northern Rock have toughened their stance on IVAs, but I'm sure that someone on here had their IVA accepted recently.** Don't give up, I understand that Northern Rock look at each IVA on a case by case basis, and if you are offering them a better return in an IVA than BR it will stand you in good stead. Am I right in thinking that Melanie is your IP?

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/


** http://www.iva.co.uk/forum/topic.asp?TOPIC_ID=3372
added by admin

Hi Skippy,

Yes Melanie is our IP and has been brilliant, as have her staff who have been very efficient and provided excellent advice to us I try to remain positive knowing we are in good hands but it is not easy.

According to our proposals BR would offer next to nothing to our creditors. We have debts of around £120k which makes me cringe every time I write it. I just wonder if Northern Rock will see sense that on such large debts, a return of 43p is really the most we can possibly repay as a DMP on that amount just seems unthinkable as with ongoing interest we would never repay the capital back and with BR I would lose my job so they would get nothing at all.

Melanie wouldn't be putting your proposal forward if she wasn't confident. I remember her saying that NR are very commercial so I'm sure that they will look at your proposal and see they are getting the best deal in the circumstances.

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

Hi onlypassion,

Let's hope NR don't vote. Mel and her team will fight tooth and nail for you. You are in safe hands. Good luck and all the best.

Regards

RedDevil [:)]

And can I just make it clear that Northern Rock are not rejecting all IVA proposals, but take a very careful look at all of them before deciding how to vote.

It is widely known in the insolvency marketplace that less than 10% of people who actually have their IVA's rejected do actually file for bankruptcy, so Debt Management Programmes may well be getting more popular - particularly for that 90% or so of failed IVAs applicants.

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

Hi
Just to add that Northern Rock are not rejecting all IVAs as a forum member had an IVA agreed a few days ago after NR,with a deciding vote,agreed to the IVA.

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

That's a very interesting point Melanie and I can appreciate why NR (and other creditors) do this.

I've emailed you off-line with some queries.

Best


OW

- 'I wont cry for yesterday 'cause there's an ordinary world somehow I have to find...'