Now I am not usually a worrier and definitely do not get stressed with every day life, but my creditors meeting is on Friday and I am now getting more than a little worried about it.
Having spoken with my IP, Northern Rock are one of the main creditors who may reject my IVA, as I have five years left to pay on my loan. This is something they do not usually like.
I am concerned that if they do not approve my IVA I am going to have to go down the route of finding a suitable DMP or be made bankrupt - which I need to avoid as I am training to be an accountant.
I wondered if others have had any positive outcomes with Northern Rock being one of their main creditors.
I had a substantial unsecured loan from northern rock when i entered my iva and it went through and if i remember they attended the meeting and voted in favour.
I had a loan with northern rock (about 5k) that I was paying alongside my mortgage with them.
They tried to push for a 6 year IVA, but as a majority of my other creditors agreed to a 5 year deal they had to shut up and agree...lol[:D] I have read a couple of posts where Northern Rock have tried to get 6 year IVA's from people, must be their policy.
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
Thanks everyone for your advice. Fingers x'd my IVA will go through. Out of interest 666 do you now have a 6 yr IVA because of Northern Rock? This was something my IP did stress to me. Also my debts fall below £20k so a DMP might be suggested.
Hi Missyp
Yes I have a 6 year IVA due to NR ... possibly 7 when you add the equity release clause into it.
My total debt is/was far higher than yours though - going the DMP route wasn't a realistic solution for me as I would have been paying well past 2018 to satisfy the debt - and that was based on the assumption that my other creditors would freeze interest.
Personally I thought NR were one of the more supportive creditors to my problem - but we all have fairly unique circumstances so its hard to give a definitive answer.
Good luck though - I doubt your proposal would have been put forward if your largest creditor was unlikely to agree to it.
Not sure where that advice is coming from! Northern Rock have no problems with accepting IVAs so long as they meet their criteria - which is not dependent upon the length of time the loan has still to run - apart from requiring a sixth year if the loan has more than six years left.
