what are the problems we face?

[hrst]

our debts are with the following
lloyds tsb
egg
northern rock
mbna
capital one
halifax one
alliance and leic
what are the problems we face?

[MelanieGiles]

Hi hrst and welcome to the forum

I assume that you mean if you were to propose an IVA to these creditors. Northern Rock are currently rejecting 90% of the proposals which are put in front of them, so if you owe them more that 25% of the overall debt, then I think you will find it difficult to find an IP to represent you. If the amount owed to them is lower, then you may stand a good chance, although MBNA do also reject a lot of proposals as well.

The key to a successful IVA is to show the creditors that the return offered is the very best that you can do given the circumstances. If this is proven, then in my experience most IVAs are accepted. The only few I have had rejected this year (approx 4) have been due to Northern Rock rejections.

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

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[Adam Davies]

Hi
Out of interest Melanie do you know what happened to the four rejections,did they go bankrupt or into DMPs ?
Regards

Andy Davie
IVA.co.uk Spokesperson

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

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

[MelanieGiles]

Without exception Andy - all went bankrupt!

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

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[ray_a]

Following on with my remarks about the financial markets and a UK name that has come up ie Northern Rock. Is it possible that they can't afford to take any bad debts and if they do then they will do their worse?

Perhaps this could be a problem with proposals which have Northern Rock as creditors!

[hrst]

we owe 58 k with a debt of 10k to northern rock. We have an endowment to surrender to the approx value of 25k.

[MelanieGiles]

hrst

With Northern Rock being such an insignificant creditor in your case, I would have thought you have the makings of a good IVA there. Have you found an Insolvency Practitioner to act for you yet?

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

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[sonyse2t5]

Watch out for MBNA and Capital 1.The former prefer people on DMP and you will get calls while your iVA is in the process tempting you to do dmp with no charges etc and as for the latter they seem to have an issue with something.(IP fees?)They were the only no vote for my IVA(0.3%!)debt when bigger lenders all said yes and they were marginalised....how embarassing for them

Can't under them?