Northern Rock Together Mortgage

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MARK1882

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Post by MARK1882 » Sun Sep 07, 2008 11:24 pm
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Hello.

Anybody help on this one. Have a together mortgage
with NR. £90,000 secured & £9000 un-secured. Would the
unsecured part be included in IVA application or not.

Thanks
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freelili

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Post by freelili » Mon Sep 08, 2008 12:02 am
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Hiya

The unsecured part would be included in the IVA.
LILY

http://freelili.blogs.iva.co.uk

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MARK1882

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Post by MARK1882 » Mon Sep 08, 2008 12:10 am
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Would this not count as arrears on my mortgage.
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plasticdaft

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Post by plasticdaft » Mon Sep 08, 2008 6:48 am
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Doesnt the unsecured part of this become secured?? I though I had read on here that it does. Someone else will know better!!!
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natasha.j

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Post by natasha.j » Mon Sep 08, 2008 10:34 am
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hello there we have a together mortgage with northern rock and tried to get an iva. the unsecured element can be put in an iva if they accept your proposal they rejected ours[:(!]
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MelanieGiles

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Post by MelanieGiles » Mon Sep 08, 2008 12:30 pm
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The unsecured loan is completely separate from the mortgage and is therefore treated as an unsecured creditor within the IVA proposal. Do be careful if you stop paying the unsecured element in the period running up to the IVA, as Northern Rock have a habit of allocating your mortgage payment in proportion to the unsecured loan payment which will leave you with mortgage arrears.
Regards, Melanie Giles, Insolvency Practitioner
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plasticdaft

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Post by plasticdaft » Mon Sep 08, 2008 12:46 pm
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I stand corrected.
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