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Posted: Tue May 25, 2010 1:37 pm
by missyp
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.

Posted: Tue May 25, 2010 1:40 pm
by Tony.H
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.

Posted: Tue May 25, 2010 1:53 pm
by wuffy
Same here and mine went through with them voting in favour too

Posted: Tue May 25, 2010 1:56 pm
by mark2010
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.

Hope everthing works out for you missyp.

Posted: Tue May 25, 2010 5:57 pm
by 666
My iva went through successfully last month and I had 6 years left on a fairly large NR loan.

They voted in favour but the caveat they tend to put is the IVA runs for 6 years and not the 'standard' 5.

Posted: Tue May 25, 2010 6:13 pm
by kallis3
Fingers crossed that NR agree.

Posted: Tue May 25, 2010 6:15 pm
by missyp
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.

Posted: Tue May 25, 2010 7:07 pm
by 666
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.

Posted: Tue May 25, 2010 7:53 pm
by MelanieGiles
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.