www.iva.co.uk

Hi, i've never joined a forum in my life, but here i go. I have been on £21k joint DMP fo 12 months with CCCs and thankfully everything as been going ok. After reviewing our circmstances just last week it has been brought to my attention that a massive chunk of my mortgage wth Northern Rock is unsecured and therefore should be addedto the plan. This now means my husband and I now owe £49k altogether. This is obviously an unrealistic amount to pay back with a DMP hence the reason why they have advised me to apply for an IVA. We are looking at putting a proposol forward of £201 as his is all we can afford and i get bonuses every 3 months in work which should be a good few hundred every quarter. Northern Rock have the biggest debt about £24k so i take it they will be making the decision on whether the IVA s accepted. I really want this to happen cos it feels as though a bad dream will all go away soon. Do you think we will get accepted ???

Hi there and welcome to the forum.

You've joined a very friendly forum and I hope you enjoy it here with us.

It's always advisable to take the advice of 2 or 3 companies when sourcing an IVA and even though your DMP is with CCCS it doesn't mean you have to have your IVA with them. I would take a quick look at www.iva.com and talk to another couple of companies who will give you impartial advice all free of charge.

x

Welcome from me as well.

Excellent advice from Lesley, and I do recommend that you speak to more than one company.

Hi Lesley, because my husband is self employed they have passed me over to Grant Thornton, still really early days, but i feel like i have been dealing with our debt problem for such a long time now i'm happy for them to take me through the IVA process. Do you know if Northern Rock unsecured debt are quite acceptable for IVA proposals by any chance ??

Hi there anamae82 im feeling same just waiting for our creditiors meeting wed morn at 10.50.......eeekkks it really has to work im praying for this bad dream to end, we sat down one day worked everything out on paper...omg 27k in debt we was gob smacked!!! No wonder we was struggling!! Fingers crossed for you!!

This is a great website to feel at ease and ask any questions at this stressful time, Jan and lesley and many more are very helpful!!

I'm sure there are other posters with Northern Rock as a creditor. They weren't one of my creditors but I'm sure one of the other posters will be able to help you with how they voted for them.

All the best with your proposal, do keep posting and we'll try and help and advise you along the way as your journey is sure to help another poster looking in. x

Thanks guys, an IVA seems the perfect option for us with a 1yr old baby and keeping a roof over our heads. Would be lovely if this could be sorted before Christmas. I'll see if i can find others who had Northern Rock as a creditor. My fate is in their hands !!!!

Hold in there too mitcymoo, i'm sure the meeting will go swimmingly. Fingers crossed for you

Thank you.......oh christmas without credit knowing we wount be wacking it all on credit cards etc, im on bargin xmas this year bought so many bargins its untrue!!
Fingers crossed we will both have a stress free christmas especially with ur little one!! We have 2 young boys will be interesting to see how we budget this xmas!

best of luck xxxx

Hi I could swear someone on here in the last few weeks posted about NR. try doing a search for it.

It is rather strange that this was not picked up by your DMP company from the outset. The Northern Rock together mortgage is well known, and one to always look out for with this particular creditor.

It may be the clients were only paying a very low monthly payment as they still only have a DI of £201 after taking the N Rock loan out of the expenses. Or perhaps it is because one client is self employed and the CCCS do not do IVAs for the self employed.

It never ceases to amaze me that this 'charity', which is promoted by the banks, has only one IP and cannot offer insolvency advice directly to it's self employed clients.

Northern Rock turned down my IVA however despite owing 16K it was still under the 25% so it went through. However this was a loan and not tied to the house

Funny thing is when I approach Northern Rock they were happy to take £1 a month for a whole year on a £16,000 loan! I.e. as they said give me time to get back on my feet.

Think long and hard from jumping from DMP to IVA

Part of me wishes I had tried harder for DMP

Hi, CCCS never questioned if my mortgage with Northern Rock was a together mortgage and i have been paying both unsecured and secured for the last 12 months. Nevertheless it now means we have a joint debt of £49k which seems impossible to do through a DMP and therefore that is why they suggested an IVA.

CCCS normally go through a company called CCCSVA however because my husband is self employed they have referred us to Grant Thornton who specialise in this area.

The surplus we have of £201 is the same because for the last 12 months we have been on a concession arrangement with NR and paying alot less than our contractual payments.

What i'm really worrying about is being turned down because an IVA seems the best way of getting out of this mess. I work for a building society and have informed HR and they have told me that my job is completly safe, which is a huge relief. Also there is no equity in our home, if anything negative so it seems they may ask us to have a clause at the end of 5 yrs to remortgage or pay for a further 12 months. I certainly don't want to go down bankruptcy route because that frightens the living daylights out of me.

I do suggest that you speak to one or two other companies for advice. The experts who post on here come highly recommended.

Bankruptcy isn't as scary as you think. We have several posters on here who have either been bankrupt or have partners who are bankrupt. Any questions you have can be answered on here.

I had NR as one of my creditors which I am sure Mel will remember!!!
That was two and a half years ago, and with Mel and her team's hard work they accepted the proposal during the time they tended not to. So speak to some different companies, they will only give you the best information and advice they can.