Chances of IVA being accepted?

Charco_2

Strange...

The allowance for Petrol/Diesel Fuel recently went UP!

the-money-muppets

Northern Rock rejected.................stated we should switch to interest only mortgage and extend period of IVA to 6 years. This will free up approx £300 a month extra we could use to repay debt to them in full.

We now have to contact NR to see if they will do this but apparently although their rep at the creditors meet has suggested it they can still say no and put us back to square one

Creditors meet has been adjourned for 2 weeks so I will be trying my best with NR between now and then

Any advice or anyone in similar position?:mad:

thequietone

hi,
just seen your thread,we also had an iva rejected 9 days ago,and like you it was n/rock who rejected. We also have mortgage, a 'together' loan and another personal loan with them,plus other debts(full total £40k), our payment proposal was £392. We are already on interest only and were told to propose 6 yr iva plan but was still rejected :mad: !! We are at present considering a dmp , just thought it may help 2 know someone in similar position. I'm new 2 this forum too

the-money-muppets

Thanks for that,

we are offering around £900/month to clear approx £80,000 - giving creditors 48pence in the pound. A switch to interest only would get an extra £300 to be shared amongst them. We have been on a fixed repayment for the 4 and half years. Then hopefully after the 6 years we can use some of the £900 we have to pay more into the mortgage - we are hoping this may seal the deal but who knows. phoned NR today and they are sending out the forms. Fingers and toes crossed else it will be DMP for us too:eek:

Daisy4567

Hi,

My husband and I are also in the process of entering into an IVA and I am now really concerned about whether or not it is likely to be accepted after reading this thread.

We too have a NR Together Mortgage, however they have already slapped a Charging Order on us for the unsecured portion (interestingly on their paperwork they still refer to it as unsecured even after the CO)

We are also already on interest only payments.

So now I am very concerned as to the likelihood we'll be rejected

lexie2005

We are now 4 years in to our IVA, our mortgage is also with Northern Rock & I had a personal loan with them for £12000. I think they were one of the companies who didn't vote so it was accepted. I hope you all get your problems sorted

Daisy4567

Hi, thanks for that, that's encouraging to hear, I'm keeping everything crossed. 1 yr left for you, excellent! Hope all continues well for you too

lexie2005

Hmmm well its actually 2 years left as our was only accepted with a certain amout of equity from the property which due to housing market is now not there so we have extend another 12 months but we are still 2/3 of the way there.....

the-money-muppets

still waiting to hear from N Rock - called them after we got news that Creditors Meet was adjourned, said they would send forms in post to apply to switch to interest only mortgage - said it would be 3 to 5 days before we get forms - that was tuesday now its tuesday again and no sign:mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad: will call em if nothing in post tomorrow

Charco_2

Call today... no time like the present!

Can be very frustrating I know but six year IVAs and Interest Only mortgages is very common from our friends at NR (first with their hands out when the !!!!!! hit the fan, hardest to deal with for the public - oh irony!) Should be straight forward to have this agreed, just will take a little bit of time to sort out.

Call today!