Tail Between Legs

[Beatbox]

Hello all you wonderful folk...

Having picked the brains of the search facility over the past few weeks, I thought it was only fair that I made some contribution in return for the excellent guidance and obvious fellowship that goes on around here.

The wife and I finally decided that resorting to credit to repay interest was a very bad idea and wish we'd have realised sooner!!

We've submitted our proposal and letter in the post confirms meeting on 25th - 62p per £ for debts around 48k...

Now just to sit tight and start praying very hard that Northern Rock Asset Management like the sound of our offer (being major creditor).
Anyway - I'm sure we'll find out very soon

[kallis3]

Hi Beatbox and welcome to the forum.

You have picked a good firm to work with and that is a good dividend.

[Shining]

Hi and welcome from myself too, glad to read you've found the forum helpful in previous weeks.

All the best for the 25th and I look forward to reading a positive outcome post. x

[kallis3]

Good luck for the 25th from me as well.

[leaKybrain]

hi and welcome from me and am sure it will all go fine, not too long to wait thankfully.

[Michael Peoples]

Welcome aboard Beatbox and best of luck from me too.

[Tillergirl]

Hi Beatbox,

NRAM is my main creditor too and I have a similar amount of debt in the 40's. How much are you paying per month to return 62p in the £?

Good luck with everything.

I'd be interested to know how you get on.

[Beatbox]

Hey Thanks Everyone

It's 635 a month Tillergirl - quite a lump, but it's affordable and at least there might be a chance NRAM don't ask for mortgage to go Interest Only - Not sure if that is just policy though, maybe someone knows??
Last time I checked there was only about £30-40 a month difference for repayment style so would seem a bit silly.

Plus - given we're badly in neg equity, surely they would want to at least try to help themselves...

[Tillergirl]

Hi Beatbox,

I am concerned about being asked to go onto interest only for mortgage payments, especially as my proposed monthly payment is alot lower than yours - I am expecting £200-£250 as this is my available disposable income.

But, like you say changing from repayment will only save up to £50 max and this will affect the equity release at the end of the IVA, but as many equity releases are not happening I suppose they just want the most they can get short term - who knows what the future will hold for us all...increased VAT, budget cuts, etc

[Beatbox]

So good to know others going through the same "Together" nightmares [;)]
Do you have a date of meeting?

Absolutely, good point about the increases - I saw this article today and realised we're probably only the start of what might be a torrent...
http://www.thisismoney.co.uk/news/artic ... _page_id=2

Best to be getting started before the rest as we'll be finished before them - just imagine that [8D]

[Tillergirl]

Nope, no meeting date as yet.

Have sent all the relevant info to my IP and awaiting a phonecall to discuss the draft proposal, but this could take a couple of weeks.

Really hope it will all be over by Christmas / New Year.

[Beatbox]

I'm sure it will be Tillergirl - I expect they'll all be rushing them through before the holidays begin.
Please don't worry, I'm sure it's going to be absolutely fine for both of us - whatever they decide to do.

I have no doubt in my mind that this is the right thing to do - I expect it to change my attitude towards borrowing completely...

[andrea1968]

hiya-we have a repayment mortgage with northern rock-they didnt even mention interest only and they accepted our iva proposal no problem-and they had the majority vote on unsecured debt(22000 pounds from total 43000!)we pay 310 a month but they did stipulate that the extra year be written into the contract-which i wont argue with- good luck-the sense of relief once everything goes through is unbelieveable-mind you the postman doesnt love me anymore-rarely comes to my door-2 months in and nobody hounding me-bliss!!!!!!!!

[kallis3]

Beatbox - can I ask that you don't edit posts once there are replies on the their? It can make things confusing.

[Beatbox]

Hi Kallis

Apologies...

Perhaps its a little OTT (spooks!) but realised that perhaps too much information could identify me as I expect creditors and TIX etc. regularly trawl this sort of area... Wouldn't want it to influence any decisions.