my partner and i like many others took out the Northern Rock together morgage over 8 years ago. im sure you are all now aware that the courts found these to be unlawful (sending people into negative equity from the off). my question is: i feel that if it were not for these heavy repayments we would not have ended up in the IVA with payplan (3 years in now of 6 due to NRAM insisting on a 6 year term) could this possibly be over turned to 5 do you think? would apprehiate some advice as i wouldnt know where to start.
regards mark
NRAM have a policy of looking for 6 years instead of 5, and as the unsecured element of the together package usually gives them greater than a 25% share of the total outstanding amount then their insistence on that effectively means take it or leave it. You had the right to ask Payplan to submit modifications of your own, but only at the time and not now. Theoretically, you could ask for a variation, but that would seem to be a waste of time.
If you think of it logically, most unsecured loans are between 2 to 7 years in length (there are exceptions of course) but together loans are up to 25 years long. Insisting on 6 when you may have had, say, 20 plus years left to go otherwise, isn't the highest price to pay. The alternative for NRAM of course would have been to vote down the IVA completely, and where would that have left you? Worth pondering at the very least I would say.
Regards.
Cert DR
23+ years in debt advice
I do not post for anyone other than myself
I can only echo Size5's comments and point out that if you did go for a variation ( which would really be a hiding to nothing) read the wording VERY carefully to ensure the resolution doesn't introduce any adverse alternatives.
Poking a sleeping bear with a sharp stick comes to mind.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
