My creditors meeting is on Monday 7th September

[danny4]

I have a mortgage with Northern rock on a deal to 2012. I am upto date with all payments on this. What can they do?

[kallis3]

Northern Rock sometimes ask that the IVA is extended by 12 months.

[size5]

They may also prefer that you switch to interest only if you haven't already done so, but take specific advice on your case from your IP who I am sure would not have put forward a proposal if he or she did not think it was in your best interests and had a great chance of success.

Regards.

[kallis3]

If it is on a deal though Size5, would they be able to switch to interest only?

[MelanieGiles]

Northern Rock are very helpful to customers requesting a switch - it doesn't change the terms of the mortgage, just the method of repayment. But they will generally only allow this for a 12 month period - and will possibly review it again at the end of the period.

[kallis3]

Thanks for that Mel.

[Pennyless]

Danny4 I also have a "repayment" mortgage with N Rock which is a "Fixed Rate (4.99%)" until 2020. It has 16 years to run and an Early Repayment Charge (ERC) at present of around £5k. I contacted them last week and they said I could change to "Interest Only" (a reduction from £766.00 to £420.00) which would cost £75.00 and remain fixed for the term outstanding with NO ERC for the change. However, unless I get a permanent repayment vehicle in place to cover my mortgage (£102k) they will only make the switch to "Interest Only" on a temporary and reviewable basis.....understandable I suppose. Anyway good luck.

[danny4]

I haven't requested a switch with Northern rock because if poss I want to stay with a repayment. Nervous aboyt tomorrow but also can't wait as I want to get on with my life(hopefully this IVA will be approved) and start afresh. Never want to see another credit card as long as I live. Thanks everyone for your support. Meeting at 11.00 and payplan have said they will contact us between 11.00 and 11.30 so will know by tomorrow lunchtime.

[mikepapa]

Good luck for tommor Danny,, let us know how it goes,fingers crossed for you.

[Julie]

Good luck Danny, I'm sure it will be fine and you'll be posting your good news before luchtime.[:)]

mikepapa - what a lovely doggy picture!

[mikepapa]

thanks swansgirl,, he is lovely isnt he.

[MelanieGiles]

He is adorable - I want one!!

[mikepapa]

He is a typical Jack Russell though Melanie,,does exactley what he wants LOL,, but loads of fun,, which is good at the mo, given our situation.

[MelanieGiles]

I adore Jack Russells, almost as much as I adore my own Yorkie, Jess! And I think the black and tan ones are nicer than the usual tricolour.

[Skippy]

Good luck for today Danny4.

Mikepapa, what a lovely dog! What's his name? Black and tan Jack Russells are so much nicer than the normal ones!