Chances of IVA being accepted?

thequietone

hi again
we r still in limbo at mo, not sure what 2 do. We have a dmp proposed,via cccs, but unsure whether 2 go ahead,it will take 10 and half yrs to clear,and thats providing interest etc is stopped! Just feel at that rate we will never b able to start apyin into r mortgage and/or livin . We r awaiting response from our local cab but they have a v limited service, they have all r info and its made it to managers desk apparently! and we should get call next week. We want 2 know if bankruptcy would b better option and if so where would we stand regarding r house? Good luck with everythin everyone

the-money-muppets

Eventually got NR after being on hold twice for 10mins!! They said the forms were posted Friday (not sure why it took from Tue to Fri to put a form in the post!!!). The forms arrived yesterday (Thu) and we have filled in and posted off. Doubt they will make it in time for creditors meet this coming Tuesday. Guess we just sit and wait and pray. Glad we have so much support from this site - thanks to all.;)

the-money-muppets

:mad::mad::mad::mad::mad::mad:suprise suprise no news yet from northern rock re switching to interest only, so at the creditors meet the iva was rejected, annoying as everyone else agreed. We can't do nothing more now til NR make their decision. :mad::mad::mad::mad::mad::mad::mad:

bennyboy83

We're shortly making an IVA proposal including Northern Rock Together mortgage.
Sounds like at the moment we are likely to be offering 70-80pence so am rather interested to see what their reaction will be!

If they are up for messing about when we've got about 20-30k negative equity then I fancy giving them an even harder time going BR instead, the dirty, rotten, b*5t4rd5!!

Any news on yours Muppet?

the-money-muppets

I eventually got hold of NR on phone yesterday to chase up our switch to interest only mortgage. (sent forms in nearly 3 weeks ago, they were supposed to call us!!!)

They have agreed to switch it for a 12month period that we can ask to be extended.

I spoke to our IP people to inform them of this news, but they reckon because of the cash that will give us extra for creditors - about £300 month - we would best be going for DMP now??? feeling a little confused and a little miffed that we are pretty much back at square one.

Start the DMP application Monday unless anyone has any better ideas!:(

Charco_2

WHAT???

Who is this company?

Does £300 extra per month (most of which an IP could reasonably mitigate) mean that you would definitely pay off your debts in less than five years? Six years? Seven/eight years? Bearing in mind interest and charges?

the-money-muppets

We tried for iva with cccs - we have now set up a dmp with them and have made our first payment in - they will pay the creditors at the end of this month. we managed to switch to interest only mortgage with Northern Rock for 12 months to be reviewed at end of that and applied for again if need be.

so far only mint have stated they do not accept the reduced payments (funny as they never bothered voting at the iva where they would of got even less money than we are offering now!)

still getting letters for final demands, default notices and creditors passing us on to debt collectors. Hoping once payments are started regularly things will calm down. Fingers crossed. 6 years should be debt free but only if they agree to stop interest - no one has said yes or no to this as of yet

:T