Me and the wife applied for separate ivas wife was passed mine rejected by northern rock wifes was passed by nortern rock as they voted to late in day at her creditors meeting so hers was passed they refused mine because they said they want me to change my mortgage to interest only for life of my iva how does that work as other creditors i owe accepted it and if i accepted northern rocks offer i would have more money left each month
You would find that your IVA payments would increase if you changed to interest only, and this is what Northern Rock want.
I presume NR had more than 25% of your debt?
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I had the same with NR and they rejected ours twice. The first time was because they wanted us to go interest only. That is something we were not prepared to do. We had some good advice on this forum and were ready to go bankrupt( not suggesting you should but it was an option for us). We then heard that NR were not insisting on interest only but definitely an IVA for six years. We spoke to Michael on this site and by phone and email. Plenty of good advice. It is worth looking at every option you have before being forced into something you don't want to do. The more info you can get the better. Our IVA was accepted on the 22nd October.Hope whatever you decide works out for you.
Is your mortgage also with Northern Rock? If so, they will only generally guarantee allowing an interest only period for a maximum of one year, so it would have been difficult for you to commit to going interest only for the life of the IVA if their own mortgage division could not confirm this!
Are you going to attempt to represent your IVA proposals?
NR was our majority creditor and it was accepted as a 6 year IVA, instead of a 5 year. How many years did you propose to do your IVA over? Maybe offering an extra year as opposed to interest free mortgage may help change their mind?
