Iva@ Northern Rock?

loadsofdebt

hi
i was hopeing someone might be able to help and what steps to take next
firstly ive got £80000 of debt loan credit cards ect i have been in a dms for the past 6 months
ive 3 personal loans off wich 1 is northern rock and is 1/3 of the whole debt at the time of the dms i was told northern rock no longer excepted iva
6 months down the line we are still struggling to live month to month we have £350 for food petrol bus and any clothes ect
we own our home but still have a large mortgage on it. just had it valued and if i pay off the mortgage we would have around £20000 left over.
the next step i can see is bankrupcy but ive no idea what happens ?
ive been looking allday at all the forums to see if i can find anything but all cases seem to be differant.
would i loose my home ?
what happens to the debt?
do i pay till i die?
any help would be great
thank you

shadowdragon

loadsofdebt wrote: »

hi
i was hopeing someone might be able to help and what steps to take next
firstly ive got £80000 of debt loan credit cards ect i have been in a dms for the past 6 months
ive 3 personal loans off wich 1 is northern rock and is 1/3 of the whole debt at the time of the dms i was told northern rock no longer excepted iva
6 months down the line we are still struggling to live month to month we have £350 for food petrol bus and any clothes ect
we own our home but still have a large mortgage on it. just had it valued and if i pay off the mortgage we would have around £20000 left over.
the next step i can see is bankrupcy but ive no idea what happens ?
ive been looking allday at all the forums to see if i can find anything but all cases seem to be differant.
would i loose my home ? more than likley
what happens to the debt? Its all written off
do i pay till i die? nope max is 3 years with upto 70% of your disposable income
any help would be great keep asking quetions
thank you

the equity would be seized by the OR to go towards your debts, same with high valued cars ect. Your first port of call will be to contact a debt charity such as CCCS or CAB theres links to them in the stickies at the top of the forum, you need there advice and guidance.

loadsofdebt

thanks i go and have a look

shadowdragon

CCCS 0800 138 1111 National Debtline 0808 808 4000

heres the two numbers i Knicked from tigerfeets siggy (soz tiger).

CCCS are very good, but I had a two week wait between my initial telephone call and the telephone interview. In the interim I booked my Bankruptcy appointment at court (you need to find out what system your court uses as they vary from area to area) as that was a 3 week wait, so from deciding to go bankrupt to the telephone interview with the OR was approx six weeks!!! 3 weeks for the BC hearing at court and 3 weeks after that until the OR could speak to me.

RAS

Hi

A lot depends whether your debt is joint or solely yours? And if your partner is working.

You really need to talk to the advice charities and the Insolvency help line and come back when you can narrow down the questions.

k2nga

You are right about NR though they have a policy of NO to IVA's so i guess they are a bit miffed now as i went BR and they are likly to get nothing now

peachyprice

loadsofdebt wrote: »

hi
i was hopeing someone might be able to help and what steps to take next
firstly ive got £80000 of debt loan credit cards ect i have been in a dms for the past 6 months
ive 3 personal loans off wich 1 is northern rock and is 1/3 of the whole debt at the time of the dms i was told northern rock no longer excepted iva
6 months down the line we are still struggling to live month to month we have £350 for food petrol bus and any clothes ect
we own our home but still have a large mortgage on it. just had it valued and if i pay off the mortgage we would have around £20000 left over.
the next step i can see is bankrupcy but ive no idea what happens ?
ive been looking allday at all the forums to see if i can find anything but all cases seem to be differant.
would i loose my home ? Not necessarily, it depends how much it's worth realistically, not what an estate agent puts it up for sale at. It it a joint mortgage or just your name? The OR is only after any equity in the house, if it's a joint mortgage and just you going BR the equity is halved immediatley, someone else can then buy out your share of the equity, after negotiations with the OR, with house prices falling at the moment it's possible there will be little equity for the OR to take. Even if this is not possible it will be a year before you have to move out of the house.
what happens to the debt? All UNSECURED debt is written off in BR, except student loans & CSA
do i pay till i die? No only a max of 3 years, if you have enough surplus income after giving yourself a reasonable standard of living. This can be recalculated at any time if your situation changes
any help would be great
thank you

Hope that's something to be getting on with, any more info just ask

tigerfeet2006

As Shadow says the first thing you need to do is ring one of the debt charities and go through all your options with them. If they suggest BR then we can help and support you through the process. You also need to do this as the judge will ask if you have taken professional advise and can delay your petition if you haven't. Nat. Debtline seem to be the best bet at the moment. Or try CCCS's debt remedy on their website and get a reference number then ring them. Numbers and links in my signature.

Some useful links
http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=01_bankruptcy

http://www.insolvency.gov.uk/

loadsofdebt

thanks for all the replys. ive just been and done the online remody on the cccs site.
im going to give them a ring monday and see what happens.
at the moment im doing my dms with gregory pennington anyone herd of them?
if i leave them and do it through the cccs will i hae to pay them anything?

k2nga

CCCS is a charity so no you wont have to pay them anything

Deep_In_Debt

Yep, Gregory Pennington tried to get me to go for a fee paying DMP and they still contact me now a year on. I'm with CCCS and have no intention on going to GP or any other fee charging company.

From what I have read on here, NR seem to be ruthless creditors. I guess they want to get as much out of you as they can so that's probably why they don't like IVA's.

See what CCCS advise and keep posting here and you'll get through this!

Good luck.