www.iva.co.uk

My total debts are £80,000 of which NR are owed £22000 does this mean they can reject my IVA proposal? it is possible when my creditors give final account balances that NR may not have 25% of total debts. all debts unsecured any thoughts appreciated please.[:)]

Yes, if they vote to reject it then based on your numbers it would not go through if they make up 25% of the vote

However, particularly with what is happening to NR now it will be worthwhile asking an IP to approach them to discuss your case.

Ian

In my experience, Northern Rock are pretty supportive of IVAs now - specially if the debt relates to an ordinary unsecured loan rather than the unsecured element of a "Together" package linked to a mortgage. Of course they have critiria to be met, and often beleive that a Debt Management Programme represents a better long-term return for their customer and themselves, but if an IVA is the right way forward then you ought to be positive.

Well presumably now NR are supposed to be getting as much money in as possible to repay US taxpayers they should be accepting IVAs as its the best way of them recouperating money from debtors as opposed to making them bankcrupt!!??

thank you your comments were useful. DMP are ok in short term but better to have a realistic shortterm solution.