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debt attack
IVA Junior
5 month\s down 55 month\s to go.
United Kingdom
76 Posts |
 Posted - 07 March 2010 : 22:33:41
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Hi
my IVA was agreed on Thursday. One of my creditors was Northern Rock who I had a joint loan with my father (father never paid into the loan, was just a joint name on the application).
N Rock voted in favour of the IVA. My IP said that they still could chase my father for the debt but not necessarily.
Has anyone had this and have they been chased?
I just wondered what the likeliness of them chasing is and if they do, what payment arrangements need to be made. (ie this was a 25 yr loan in joint names at £127 per month, from the IVA they will receive £50 per month for the next 5 years so, would my father have to pay the difference between the £127 and £50 for 5 years with the payments then reverting to the full amount after then or would the loan be re-negotiated)?
Also, as N Rock cannot pursue me anymore because of the IVA, is the loan half and half ie; half in my name so half the debt has gone into IVA and the other half is in my dads name so he's liable for half
Questions, questions!! |
Check out my blog;
http://debtattack.blogs.iva.co.uk
IVA Approved 4th March 2010 |
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MelanieGiles
IP
30800 Posts |
Posted - 07 March 2010 : 22:58:57
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| I think that it is pretty certain that Northern Rock will pursue your Dad - who is liable for the full amount not half. He will also need to maintain contractual payments in the meantime, although your dividend payments will help to reduce the balance due. |
Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp
See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp |
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debt attack
IVA Junior
5 month\s down 55 month\s to go.
United Kingdom
76 Posts |
Posted - 07 March 2010 : 23:15:38
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Thanks Melanie - will break the news to him.
He's fine about it to be fair I've been upfront with him since the beginning about the IVA and he's said "do what you have to do and let me know, I will do whatever I need to help with the Northern Rock element if needed"
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Check out my blog;
http://debtattack.blogs.iva.co.uk
IVA Approved 4th March 2010 |
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mumofthree
IVA Junior
5 month\s down 55 month\s to go.
United Kingdom
138 Posts |
Posted - 08 March 2010 : 14:17:05
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Hi debt attack. We are currently having the same trouble with NR. We had a loan with them (£1500) now owing. The loan is in both mine and my husbands names. The IVA in my name only was accepted end of February. They are now chasing him for payment (he is in the process of starting a DMP, as we have 3 creditors in joint names but not enough for him to do an IVA) They have phoned him at work at the weekend!! And now they have tried him at home this morning, but I spoke to them, they were very rude to me, than I ended up putting the phone down on them. I am usually very police with creditors but this lady from NR said "if you look in the small print you will see we can phone him whether at home or work".
Im still shaking from the phone call and it was two hours ago. I wouldnt mind but up until my IVA was accepted I hadnt had any phone calls from NR (they didnt agree the IVA proposal) and now i have had about half a dozen in a week!
Sorry for the rant, but b***** NR grrrrrrrrrrrr |
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MelanieGiles
IP
30800 Posts |
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Amandab13
New Member
5 Posts |
Posted - 09 March 2010 : 20:44:54
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| Hi debtattack. One of my loans within my IVA is with northern rock and is in joint names with my ex partner. They have said he will need to pay the monthly payments whilst i am in the iva. However, I never realised that they would try to make him pay it all off once my IVA has finished? So does anyone know whether that means it could continue to be paid over the length of the loan as in the 25 years or however long, or that it will have to be paid in full when my iva finishes? |
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Andy Davie
Administrator
IVA completed.
10766 Posts |
Posted - 09 March 2010 : 21:16:30
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Hi
If it is a joint debt then your partner is liable for the whole amount, even if yours is dealt with n an IVA. NR will receive funds from your IVA but your partner will still have to pay the remaining balance.
This should have been clearly explained to you prior to commencing the IVA
Regards
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Andy Davie, IVA.co.uk spokesperson and a Debt Advisor
If you need any help or advice about the various debt solutions available please contact me via my website at www.andydavie.com
Author of "Real life IVA stories" and Debt Counsellor of the year finalist 2010 |
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MelanieGiles
IP
30800 Posts |
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debt attack
IVA Junior
5 month\s down 55 month\s to go.
United Kingdom
76 Posts |
Posted - 09 March 2010 : 23:08:08
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thanks for all your comments and help with this.
mumofthree am really sorry to hear about the trouble you've had with n rock - seems a shame they had to treat you that way...sometimes i think the other people on the end of the phone are half human, half typescript!!
melanie, reading your responses to others above...can you please explain to me this;
the n rock loan for me is a together loan. amount remaining is approx 20 years, paying 127 per month..
so, does my dad have to pay the 127 per month still whilst im in the iva? and thereone afterward until the debt is paid off. if this is the case am assuming the debt length just shortens due to the fact that there will have been some contribution as a result of my iva otherwise if the term £ repayment and term length remains the same then n rock will be receiving the full balance from my father plus the element from my IVA?
thanks for your help with all this.
DA |
Check out my blog;
http://debtattack.blogs.iva.co.uk
IVA Approved 4th March 2010 |
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kallis3
Moderator
27 month\s down 33 month\s to go.
United Kingdom
35545 Posts |
Posted - 09 March 2010 : 23:15:30
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| He will have to pay the £127 whilst in the IVA. As you have said, NR will get a contribution from you, and the remainder will have to come from him, so the term may be shortened. |
Buckle your seat belt Dorothy, 'cos Kansas is going bye bye.
27 down, 33 to go.
Jan
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mumofthree
IVA Junior
5 month\s down 55 month\s to go.
United Kingdom
138 Posts |
Posted - 10 March 2010 : 12:23:23
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Ive just read these posts with interest.
I just assumed that at the end of my IVA all my debts would be written off and that would include debts in joint names.
Am I to understand that once the IVA has concluded my husband still has to carry on paying the joint debts until they are cleared, he is on a DMP??? |
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kallis3
Moderator
27 month\s down 33 month\s to go.
United Kingdom
35545 Posts |
Posted - 10 March 2010 : 12:32:37
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| Until the full amount of the loan has been cleared, then yes, he will have to continue to pay. |
Buckle your seat belt Dorothy, 'cos Kansas is going bye bye.
27 down, 33 to go.
Jan
xx
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mumofthree
IVA Junior
5 month\s down 55 month\s to go.
United Kingdom
138 Posts |
Posted - 10 March 2010 : 14:14:15
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| Thanks Jan. I didnt realise this! But then again I didnt realise alot about the whole IVA/DMP process until discovering this site :) |
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karen_dean1
New Member
United Kingdom
7 Posts |
Posted - 12 March 2010 : 18:28:42
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| I'm not surprised to read that Northern Rock have been the way they have. It was NR that pushed me into having a 6 year IVA (with a higher payment than was beng proposed)rather than the 5. They refused to accept it otherwise, and as for customer service skills, don't get me started. |
18 months down, 54 months to go. |
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debt attack
IVA Junior
5 month\s down 55 month\s to go.
United Kingdom
76 Posts |
Posted - 15 March 2010 : 14:10:09
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Yes, they have started to chase my father for the payments now..not a prob he is setting up paying them...but feel a bit like it kind of means that NR are on a win-win and why are they the ones demanding the IVA be extended when they will get full payment anyway albeit from my dad...
Uuuurgh anyway in the scheme of things...can't complain...at least I'm on the road to financial freedom!
x |
Check out my blog;
http://debtattack.blogs.iva.co.uk
IVA Approved 4th March 2010 |
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MelanieGiles
IP
30800 Posts |
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debt attack
IVA Junior
5 month\s down 55 month\s to go.
United Kingdom
76 Posts |
Posted - 15 March 2010 : 21:54:26
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thanks melanie, never thought of it like that - as always, thanks for your wisdom...
still not had chance to update my blog yet but will try and do it over the next couple of nights as i am still absolutely euphoric about iva being accepted....whoever thought one could be so happy about being skint! lol |
Check out my blog;
http://debtattack.blogs.iva.co.uk
IVA Approved 4th March 2010 |
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Northern Rock - what happens now?
