Hi all, just after some knowledge on this if anyone has it! My husband and I are in financial problems, but we re riding the storm with Payplan at present. I have today received the form for a mortgage break with Northern Rock due to being on maternity leave. I have had a look at the affordability check sheet, and am now worrying to high heavens we won't pass it. Does anyone know if they refuse them or indeed how you pass? Our pay has increased since we got our mortgage, but we do now have a CCJ. I'm execting they will do a credit check and refuse us. I know all the implications of added interest etc, but at a cost of £30 extra a month, I can accept that happily as I get a pay rise in August, and it will mean and extra £70, so in theory I will not ever miss the money. I've only got just over 6 weeks left and any comments would be much appreciated!! The stress is doin me in! Thanks.
I am sorry but I do not know the criteria for mortgage holidays. However, it does appear to be strange to stop paying a secured creditor if you are maintaining payments to a DMP or IVA. I would doubt if N Rock would sanction this. Surely it would be better to suspend or reduce your unsecured payments or switch the mortgage to interest only for a time if you have not already done so.
We are currently on the maternity payment break but we are not in an IVA just yet.
My hubby doesn't remember them doing a credit check and I think they have to tell you they're going to do one before hand. They just confirmed with us that we would be able to pay the extra 30 - something pound. We were hoping to pay some of our mountain of debt but were kidding ourselves that it would even make any difference.
The future's bright, the future's debt free. In 72 months to be exact!
