Well after a lot of hard work by claire & Sue my proposal was rejected by 1 out of 9 creditors..Northern Rock!!!
My proposed payment was £475 (53p in pound) after i had managed to get a rent reduction as i live with a friend thinking that i could then afford to pay my creditors more!!.
Big Mistake!!!...
Northern Rock have said that i can do a DMP for 7 years paying £475 which will then clear my debt in full..
What if not all creditors freeze all interest in that time?
I could just end up back to square 1...
In a DMP I don't think it's guaranteed to freeze interest and stop applying charges. I'm sure Melanie will give you some expert advice. It's a shame they didn't agree to it, sorry to read that.
Last edited by Shining on Thu Mar 21, 2013 4:16 pm, edited 1 time in total.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
I would be tempted, on the limited info we have here. Assuming you have little or nothing in the way of assets that you need to protect, and that there aren't any professional restrictions on you then it would almost certainly be a lot cheaper overall for you.
Worth a thought.
Regards.
Last edited by size5 on Thu Mar 21, 2013 5:04 pm, edited 1 time in total.
Cert DR
23+ years in debt advice
I do not post for anyone other than myself
I think it`s between 2-5%. But an IP will only apply if it`s going to succeed, maybe in this case Slekclarke was extremely unlucky with one influential creditor.
With the new debt management protocol now in place, more and more lenders should be freezing interest and charges in a DMP. Northern Rock and Lloyds tend to state that if you can repay the debt within 8 years (no interest and charges) then they would prefer a DMP as they will then get 100p/£.
I suppose that's a good thing if you wish to stay off the dreaded Insolvency register and it could suit those with employment issues etc. 8 years is a long time though!
sorry your iva has been rejected, hope you find a suitable way forward, 8 years is a long time however iva can be 5 or 6 even and many people with personal loans do actually take a term of 7 years. but there is always a way forward i'm sure your ip will advise
kat
IVA accepted 6th May 2011, Full and Final accepted 17th April 2012.
As with most incidents like this - we do have a masterplan B for fiveyearstogo, which I know my colleagues have already discussed with her - so hopefully good news will be posted in a couple of weeks.
