www.iva.co.uk

I am being very polite here but Northern Rock are "%^!$£!"!£.

Received a letter stating that they intend to issue a default notice in 14 days for arrears after they refused my IVA.

I spoke to their litigation department who basically told me to pay the arrears and then pay my normal payments.

I explained to them that I am willing to pay a monthly amount and then have my arrears restructured after a certain period. Their comment " you cant do that". I had the impression from the start of the conversation that all they want to do is put a charging order on my property and not accept any payment plan. No arguments the chap at NR put forward made sense. I know that if it goes to court then when I present my income / outcome lists then they money the CCJ will give NR will be small. I will fight any attempt for a charging order as I already have a secured loan on my property and any charging order will affect this.

NR even though they are owned by us are a bunch of !""£"$£!

What dividend had you been offering to the creditors and which IP firm reprsented you in the IVA proposal?

Hi Melanie,

My IP was Debt Free Direct and my IVA dividend was 75p in the pound.

So not a bad dividend. They would have ended up with most of the original cash but not the interest.

I am now in discussion with PayPlan regarding a DMP but think i will need to bite the bullett with NR and end up with a charging order. I'm not planning on moving soon and they can only have a month what I can afford.

So we will see.

Martyn X

Did they suggest that you pay the IVA over 6 years? This is usually required by Northern Rock, and what they have probably spotted is that over such time period, without the costs of the IP, you could probably pay them in full.

Providing creditors agree to cease charging interest, and you stick to regular payments via Payplan, I feel that you can repay those debts in full, and if Northern Rock get a charging order that could be helpful in that they may not pursue you for any ongoing payments, leaving you with more money to fund the repayments to your other creditors and therefore get them paid earlier.