IVA - turned down

suzyb19

Myself and my husband have just this morning been refused an iva, northern rock are our main debtors (75%) of the debt is with them, and they refused.

Spoke to them, but they wont change their mind. They said they would let us pay interest only on our mortgage for a while, but surley this is only making the problem worse.

I feel like ringing them up and saying we are going bankrupt then they wont get anything.

I am so angry and upset, I know we got ourselves into this mess, but at least we where trying our best to get out of debt.

Now I feel like they have just slammed a door in our face.

Basically we dont know what do do next, I am worried sick that we are now gonna loose our home.

Does anybody have any advice?

suzyb19

Xbigman

If your main creditor is northern rock then I presume most of your debt is secured. In that case I'm surprised you went for an IVA at all as secured debt is not going to be written off.
Have you posted your financial details on the debt free wannabe board? You cannot avoid paying off secured debts but the DFW board can advise you on renegotiating your unsecured debt.
Regards



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