www.iva.co.uk

Hubby spoke to IP today to find out the reason our proposal was rejected by NR. Basically they want to push us towards an 18 year DMP.Whilst I really do want to repay my creditors.....18 years....are they real.I know i have been really stupid in getting to the position I am in, my circumstances have changed so much over the last 2 years (now have husband and 2 kids)that I really do want to sort myself out. Pay back what I can and move on. If I sign up to this DMP I will be nearly retired by the time it ends. I never wanted my family to suffer for my actions, but whatever happens now, they will. BR seems the only option....the last thing I wanted. Surely NR will push more and more people down this route, if this is their reasoning?

It sounds as though NR are being really unreasonable Meash. An 18 year DMP is ridiculous, especially as you have other creditors. Do you have any assets that would be at risk if you went BR?

Hey Meash, so sorry you're having to go through this. We are all here to support you and I'm sure you and your family will get through this. I seem to remember you saying you had very little equity in your house. Can your hubby or a family member buy this out so that your home is safe in BR? I know NR have a tendency to try and secure their debt against your home, has your IP mentioned this at all? X

We have about 10K (and shrinking) equity in the house but no other assets of means. I haven't looked into it 100% but we may not lose the house if we go BR. The humiliation of everyone knowing my financial situation is terrifying (especially work having to find out) but a little bit of me wants to spite NR by going down this route (sad I know). I just feel really disappointed that I'm not able to address my debt issue, and may well end up paying very little back. It doesn't sit well with me, but I feel backed into a corner by NR.
My IP hasn't mentioned them securing against my property but I was warned on the BR site. We will decide after we get the feedback from NR whether to go BR or not.
We could probably get someone to lend us the money to buy the equity but nothing definite

Meash, it's not like you're not trying. You've offered everything you can. It's up to you now what decision you make. Maybe you could nip over to the BR site and have a little read on there and read Skippy's blog. If you choose BR, it may not be as scary as you think. Work shouldn't find out. Good luck. X

Depending on what your job is, your work needn't necessarily know. I don't think anyone saw my BR notice in the paper as it was such a small advert.

Skippy, I read your blogs....thank you for sharing that with us, it has certainly made me feel a lot better, less terrified of the possible BR route I may follow. Can I ask, if NR do put a charge against my property. What does that really mean? Is there a way that even if I went BR that I could still end up owing them money for the rest of my working life?

an 18 year dmp is totally unreasonable. I thought I'd seen it somewhere that they only rejected if it could be paid back within 10 years, still a long time though. Has the door been completely shut on the iva or is your ip still tryng to reason with them?
It's not the end of the world if you do have to take the br route. You have tried your best to repay what you can and br isn't as scary as it sounds. It could be the new start that your family needs.

Meash, I'm not too sure but I think it means that if you sell the house then you would need to pay them the amount secured on the property plus your outstanding mortgage.

Our IP is still trying to reason with them, we will know tomorrow if our futher offer is acceptable to them or not.......my feeling is not. They feel I have been a good customer, paying on time, everytime until just recently. What they are oblivious too is the 'robbing Peter to pay Paul' i have been doing for the last few years.

Good luck for tomorrow Meash. Let us all know how you get on. X

Hey Meash I too hope you get sorted with NR. I too had these as a creditor and was worried about them. I fortunately have Melanie as my IP and her company has quite a good relationship with NR so everything was ok in the end. Good luck and best wishes. X

I hope your ip manages to reason with them. Good luck for tomoz and whatever happens it's not the end of the world. You'll always have your family around you, that's priceless.
take care.

Good luck Meash - NR are being real pain to some lately and would think your are well within your right to feel like spiting them with BR since they are being so ridiculous with 18 year dmp!!!
I am wishing all the luck in the world your way xx

Hi again meash,
Its me again, in the same situation as you with NR. I feel exactly as you do and am now considering going down the BR route. It is scary and I've been trying to get all the facts. I have spoken to Baker Evans (Bains & Ernst BR part) and they are sending me an info pack. They gave me some facts over the phone. My main concerns were :

My house - I had around £18,000 negative equity at last valuation a couple of months ago. They said it would be unlikely the OR would do anything with my home but they can still take equity up to 3 years after the BR date. As far as personal belongings, such as my TV, computer etc, they said they don't usually try and seize these items as it cost more to do it than they could sell them for.

My wages - I have a high (ish) salary (£38,000 plus overtime), and they said I would certainly have to pay some of this, although they said it would likely be no more than I would pay on my rejected IVA (£250-300 per month).

My wifes income - They said my wifes income wouldn't be touched, although it was taken into account on my rejected IVA even though we're only newly married and she hasn't benefited from my debt.

My Car - only worth around £1000. They said that if I needed it for work I would probably be allowed to keep it, in any case it's not really worth enough for them to bother seizing. He said that if it was worth over £3000 then they would likely want it.

I don't know how much you've read Meash but I could do with all the best advice I can get. I don't feel great about heading in this direction but its all become too much for me now really, really depressing thinking about it. It just seems the best way to start over, and I'm never going to make these mistakes again.

If anyone can give me constructive advice it would be greatly appreciated.

Many thanks [:I]