www.iva.co.uk

Hi guys, I am about to start the process of applying for an IVA.
I am extreemely worried though because the largest part of my debt, about 40% is with Northern Rock and I have read on this site and others that they can be difficult to deal with and frequently do not accept persons into an IVA.

Have any of you guys had any experience with Northern Rock, good or bad?

Cheers, J.

Hey jtomo64, there have been quite a few forum members who have had their IVAs accepted recently with NR as the main creditor. If it's a good proposal then I'm sure your IP wouldn't put it forward unless sure of acceptance. X

Northern Rock are accepting more IVAs than they are rejecting, but as an IP it is important to understand what they look for in terms of acceptance criteria. You should ascertain what success rate your own IP enjoys if NR are such a high percentage of the aggregate debt.

Northern Rock were my main creditor and they accepted the IVA after a couple of adjustments
Good luck

Thanks to all for the advice. I suppose I just have to "bite the bullet" and see what happends. J.

Hi Jtomo64 - NR were our decider and they approved today - they just asked for an extra 12 months adding on - so hopefully they are playing much fairer these days x Good Luck! x

Hi Til. Thanks for the post, makes me feel a bit better at least.
One question though if I may.
Is the extra 12 months across all creditors or just Northern Rock?

J.

Hi - as far as I am aware it is all creditors as you have to treat them all the same.

I was that excited I forgot to ask but I know my last 12 payments are the same amount as throughout so I can only assume all creditors will now feel the benefit of NR's request.

Shame but by that point I will be seeing the finishing line of all this so it won't seem so bad

Well at least you can see the finishing line, and your IVA is underway. I would happily accept a 6 year plan if I knew that I would be debt free at the end of it.
Wish you well for the future Til.

J.

Thanks jtomo - yeah 5 or 6 years made no diff to us - we are just happy to have a plan - really hope you get sorted soon too. The whole application thing is a little bit scary and stressful but it is SOOO worth it when you have it sorted - will keep my fingers crossed for you and keep us updated on how you get on x

Hahaha Til,its amazing that you say 5 or 6 years makes no difference. It shows the great level of relief when IVA's are approved. If someone was to have told you 6 months ago you would have to pay money for something for 12 months longer than you hoped,you'd have been pretty cheesed off.

Jtomo make sure you check out a couple of IP's and research the companies you look into on www.iva.com.

You could do worse than phone Melanie and her team(no I am not on commission)(she just talks sense and works harder than anyone I have ever known)

ha ha yeah plasticdaft - you can tell my relief! You are so right! an extra year would have made so much difference before all this - now I see that beggars can't be choosers ha ha ha!!! [:D][:D][:D] I guess after 16 years of debt I was just so releived!!!! Still on cloud 9 [:D] x

Embrace the new dawn Til,anyone who hasnt been approved will struggle to understand but it is an amazing feeling of relief.

Enjoy cloud 9.

Thanks Plasticdaft - you are so right [:D]

i agree...the relief we felt overshadowed the actual length of time...and not just the 5-6 years but also the whole learning process that being in an IVA does for you....