Northern Rock changing their mind.....

twoflower169

on our IVA proposal, the person dealing with our case at cccsva called today to cancel our next appointment as there is no point having it at the moment as NR have contacted them, having already said yes they would agree to proposal if we change to a interest only mortgage, have now changed their minds and said they may not agree now, and so an IP has taken over contacting them until we hear more we cant do anything else.

Does anyone know why they would change their mind? Especially as we have agreed to all their proposals!!! This is so frustrating, I haven't told DH the happy news yet as he will really stress about it. Going to let him enjoy his obliviousness for a little longer.

Charco_2

At what stage of the process were you?

I assume all this has happened during the 16 days of the build-up to your creditors meeting! You've signed and returned your proposal to CCCSVA and they've been calling in the votes from your various creditors!

twoflower169

Hi again Charco.

No we are not that far along at all CCCSVA made a canvass call to NR to ask if they would accept the propsal (in principle)after going through our 1st interview as we owe 50% to them it makes them our main creditor, and if they say no then we have no chance of IVA.

So we had a call to say they would except this only if we change to a interest only mortgage for the life of IVA and that they would want us to have a 6yr term not the usual 5, which we agreed to.

Anyway we were about to have our next telephone appointment on monday and cccsva called to say they have to cancel as NR have done a u-turn and that an IP has taken over for the moment to try to get to the bottom of it.

ANy ideas why they might change their minds at such an early stage?

Charco_2

I'm cynical and not great fan of the banks... I might suggest that NR have changed their mind because they think they've got you over a barrel (pardon me!)

Statistics show that less than 1 in 20 people who pursue an IVA ever actually follow on through on Bankruptcy if that fails. But then I am rather cynical!

The real kicker in all this (whether my cynicism is correct or not) is that Northern Rock were the first and most famous instance of the banks taking advantage of a rescue package from the Govt and now they are amongst the most difficult to deal with when it comes to individuals reaching for a lifevest!

It's enough to make you sick really.