havnt had the IVA proposal since september

[Skippy]

From what I've read on the forum Grant Thornton are a very good company, but very slow. People on here have had their IVA's accepted with GT, but they do need chasing.

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[jmb]

Thanks everyone..il let you know what happens.

[carlmcmullen]

Good luck

Carl

[jmb]

Now im confused!! Got a letter this morn from g.thornton saying Northern Rock will be in contact with us within the next week to revisit our case and remodel our finance to ease financial pressure for us!! What on earth does that mean? Still no mention of where the proposal is.

[MelanieGiles]

I would be very interested to learn the outcome of any proposals from Northern Rock to help you, so could you keep us informed.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[carlmcmullen]

Think you need to give GT a call !!!!!

[Adam Davies]

Hi
I can see this unsecured debt becoming a secured debt !!

Andy Davie
IVA.co.uk Spokesperson and Website Manager

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[jmb]

hi..we dont own our house,just live in council property so wont be able to do that.

[carlmcmullen]

Have you considered bankruptcy ?

[jmb]

yes..my partner would want to go bankrupt..but im unsure.

[carlmcmullen]

If whe went bankrupt would that help with your creditor payments ?

Are there any joint debts ?

Whos is the NR debt?

[jmb]

I have 2 debts..provident £4000 and wilson tupholme £700 and my partner has catalogues, and a loan with northern rock that he owes just less than £4000.Altogether our debts are £15,000

[MelanieGiles]

Your case is not suitable for an IVA, as you only have two debts, and neither is your partner's givem the level of debts he actually has. I imagine that a DMP is being suggested here, but it is strange that it has taken since September to arrive at this decision.

[carlmcmullen]

So if your partner goes bankrupt that would leave you with approximatley £4,700 ?

An IVA would not be vialbe but perhaps you could look at at a DMP, with a payment of £100 they could probally reduce interest and you could repay in about 5 years.

The more you could pay the better.

With two creditors then i would perhaps suggest doing it yourself, provident are very understanding about DMP and as wilson tupholme are a debt collectors then they to would accept reduced payments.

Of course if you did not want the hassle of doing your own DMP ther are plenty of companies who would do it for you.

If your parnter decides not to go bankrupt then with a total debt of £15k a DMP could also be a good solution... yes it would probally take you a little longer but at least you have support to see you through it.

I am suprised by GT, have they not offered you any further advice other than dealing with NR yourself?

[jmb]

im sat here with a splitting headache feeling really stressed!! After waiting 5 months for an iva..just had phone call saying northern rock will vote no so not even going to try for an iva.Northern Rock are willing to freeze interest and we can pay them a monthly amount to pay off our debt of 4,000 which is good but we still have 11,000 other debts.I dont know whether to go on a debt management plan or ring all our creditors and try to come to some sort of arrangement with them,but i dont know what to offer them each month.can anyone help again?