IVA and Government Owned Northern Rock
Thousands of people in debt with multiple creditors have in the last few years opted for an IVA rather than going bankrupt. However, it appears that the majority of people with a significant amount of debt and Northern Rock as a major creditor have had their IVA rejected by Northern Rock as the poorly run bank has chosen to effectively punish such customers rather than work with them through a tough time by viewing their IVA proposal reasonably.
This view is widely shared by a number of debt advice organisations and debt charities such as the Consumer Credit Counselling Service (CCCS)
Click Here for CCCS Public Critisism Of Northern Rock
The reason for this apparant unfair treatment of Northern Rock customers wishing to avoid bankruptcy with an IVA is that the bank appears to have a policy of turning their back on aspects of the banking code and certain FSA guidelines on how customers should be treated fairly by banks in order to try to dilute the total amount of bad debt on its books it could be asserted.
This blatant absence of responsible corporate governence has left thousands of good people with bad debt problems left to float in the ether in non binding debt management plans or contemplating bankruptcy were no party is likely to come out on top.
The burning question for many of these people is now - 'Can I re-submit my IVA proposal now that the Government has taken over Northern Rock' ?
In short, the answer is yes. The reason for this is because the Government (as owner of Northern Rock) has already re-affirmed its commitment to the IVA process as being a fair and equitable way for people with overwhelming debts to avoid bankruptcy and to repay some of what they owe to the benefit of all concerned if an IVA is deemed a suitable debt solution for that individual.
As such, the Government has a responsibility to ensure that it the bank that it is now running behaves ethically and displays good corporate governence in its fair treatment of customers facing debt problems and looking to find a way out of debt reasonably using approved Government debt resolution legislation to that effect.
In addition to this an agreement has been reached between the British Banking Association, Insolvency Practitioners and the Government Insolvency Service in January of this year to agree to a fair IVA Protocol regarding IVA proposals and process from the British banking community and Insolvency Practitioners.
One can assume that the Government will fundamentally support the notion of people re-submitting their IVA proposals if they have been dealt with unfairly by Northern Rock before they took ownership of the bank last month.
To support Northern Rock customers that have been unfairly treated by the bank before Government ownership, Myvesta offers a Northern Rock rejected IVA Resubmission Service for those people who have had their IVA rejected unfairly by Northern Rock and would like to put the proposal forward again.
Those individuals wishing to re-submit their IVA proposals should contact the Mvvesta Team directly on this free phone telephone 0800 1116 885.
Alternatively, please chat online with a Senior Myvesta Advisor right now or complete and send in our contact request form and we will get right back to you at your requested contact time.
This view is widely shared by a number of debt advice organisations and debt charities such as the Consumer Credit Counselling Service (CCCS)
Click Here for CCCS Public Critisism Of Northern Rock
The reason for this apparant unfair treatment of Northern Rock customers wishing to avoid bankruptcy with an IVA is that the bank appears to have a policy of turning their back on aspects of the banking code and certain FSA guidelines on how customers should be treated fairly by banks in order to try to dilute the total amount of bad debt on its books it could be asserted.
This blatant absence of responsible corporate governence has left thousands of good people with bad debt problems left to float in the ether in non binding debt management plans or contemplating bankruptcy were no party is likely to come out on top.
The burning question for many of these people is now - 'Can I re-submit my IVA proposal now that the Government has taken over Northern Rock' ?
In short, the answer is yes. The reason for this is because the Government (as owner of Northern Rock) has already re-affirmed its commitment to the IVA process as being a fair and equitable way for people with overwhelming debts to avoid bankruptcy and to repay some of what they owe to the benefit of all concerned if an IVA is deemed a suitable debt solution for that individual.
As such, the Government has a responsibility to ensure that it the bank that it is now running behaves ethically and displays good corporate governence in its fair treatment of customers facing debt problems and looking to find a way out of debt reasonably using approved Government debt resolution legislation to that effect.
In addition to this an agreement has been reached between the British Banking Association, Insolvency Practitioners and the Government Insolvency Service in January of this year to agree to a fair IVA Protocol regarding IVA proposals and process from the British banking community and Insolvency Practitioners.
One can assume that the Government will fundamentally support the notion of people re-submitting their IVA proposals if they have been dealt with unfairly by Northern Rock before they took ownership of the bank last month.
To support Northern Rock customers that have been unfairly treated by the bank before Government ownership, Myvesta offers a Northern Rock rejected IVA Resubmission Service for those people who have had their IVA rejected unfairly by Northern Rock and would like to put the proposal forward again.
Those individuals wishing to re-submit their IVA proposals should contact the Mvvesta Team directly on this free phone telephone 0800 1116 885.
Alternatively, please chat online with a Senior Myvesta Advisor right now or complete and send in our contact request form and we will get right back to you at your requested contact time.
