is this really the only course available to us ?

[go_4_broke]

Hi all and thanks for your comments on this which are very illuminating.

I think a lot of this hinges on the nature of the 'All Monies' charge and exactly what it entitles the holder to do.

As far as I am aware it allows the holder (NR) to recover the unsecured debt from the proceeds of sale of the charged security, in this case the house, making it 'secured' after a fashion, but its legal status remains as an unsecured debt.

This means that it cannot be excluded from an IVA by election and if NR are outvoted they will have to comply with the IVA and will have lost any chance to recover against the 'All Monies'.

This may account for the 'rush to charge' even if an 'All Monies' is already in place, as presumably obtaining a specific charge for the unsecured debt changes it's legal status and allows NR to legally exclude it from the IVA.

As practitioner's experiences differ as to what NR actually do in each case it might be over-optimistic to expect them to tell us what their policy is - not because they wouldn't but because there isn't one! (Though it might be fun to try).

What is clear is that this product is 'bad to the bone' in terms of it's outright devious nature and if it is any pointer to the way NR managed the liquidity side of their business it is no wonder they ended up the way they did!

Best Regards, Simon

[biaze]

Thanks all for your advice, Im currently waiting to hear back from Melanies team so fingers crossed x

I just wanted to clarify something, I currently have an overpayment of family tax credits from 4 years ago (took them 3 years to notice the mistake apparently)and a council tax bill. I was told by the first company I talked to that these couldnt be included in any debt program but Im sure Ive since seen someone here saying that it could be included. I think i mentioned this to the lovely person from Melanies team that I talked to but Im not sure if it was included when she calculated what I could afford.

The amount of tax credits is approx £4,500 and the council tax £300, should I have included this for the IVA or will I have to set up seperate arrangements to pay them?

Jo
x

[popcorn]

Just wanted to say that I had my IVA accepted on Monday where NR's Together Mortgage was my biggest unsecured creditor at 34% (£27k) and they accepted at 19p/£ so they are accepting them.

[spenmotherhen]

Not sure if it helps but I to had a together loan and have been accepted for an IVA, just about to sell my poperty and settle the mortgage part but the unsecured element is definately included in my IVA and has not been added onto my mortgage balance.

My sister however also had the together mortage with Northern rock, unfortunately for her she did not qualify for an IVA and is using a debt repayment scheme. The unsecured part of her together loan has been added onto her mortgage, like Melanie has stated this was done by going to court witha acharging order.