www.iva.co.uk

my husband has a loan of £20,000 with northern rock and has been on a DMP with them for 15 months they have gone for a CCJ which we offered £78.00 a month in payment which was the amount they got on the DMP got a letter from the court today saying NR had rejected the offer and we must pay £20,501 forthwith does this mean they want the whole loan now don't know what to do i thought the court would decide a reasnable payment.

Now that the court has ordered the monies to be paid 'forthwith' NR can apply to have the debt charged against your husband's equity in the house. It is likely that they will then accept the payments offered but if the property is sold or refinanced in the future they will get the balance owed.

Your husband could petition for bankruptcy to prevent this happening or propose an IVA depending on his circumstances but he should seek professional advice.

thanks spoke to NR they confirm they will go for a charging order and accept the payments which im happy for them to do.
been for an IVA twice but NR rejected both times.
don't want to BR as in 2 years i will be back at work full time so can offer more money then and hopefully get it paid off as quick as possible.

If you go bankrupt you could be debt clear in twelve months and then when you do return to work you and your family will be the beneficiaries of the extra income. I would give a great deal of thought to leaving myself with a £20k charge to repay when I do not have to.

You may think that the debt is owed, but NR rejected two IVAs and whether they get your £20k back or not is not going to make a difference to them or to us taxpayers who now own it. However, £20k to you and your family[or any family] is a lot.

This is exactly what happened to me with NR, I owed them £20,000, but they claimed interest and got a forthwith CCJ for just over £30,000 [:0] I then went bankrupt, got Early Discharge after 6 months, no IPA, THEN I got a job [;)]

Hi
I agree with Michael.
Think very carefully about your next step as bankruptcy will be behind you in twelve months, although you may have an income payment order vor a further two years, and you can start to benefit from your extra income
Regards

Hi

I agree with Michael too. Is there actually any equity in the property? If so how much?

Would love both S2004 and Jane.I to contact me direct by emailing me as this pressure and ridiculous behaviour by Northern Rock needs looking into. Please contact me.

In my case, I think NRock acted very irresponsibly! I know we did have a lot of debt with them, this large loan was just in my name only and we also had a Together joint mortgage, the phone calls from them were horrendous, every half hour constantly, they said they were automated and would only stop when we made a payment. I changed the phone number.

The other thing I am annoyed at is NR took 13 months to finally offically repossss the house, when we kept them informed all the time about what was happening. This caused the house to fall in value by another £40,000, increasing our debt to them (we went bankrupt anyway so does not affect us) They kept chasing us for the mortgage arrears of over £9,000 for the time we left the house and they did not repossess it and even though we were bankrupt, they would not have it and insisted we had to pay. I spoke to the OR's office about it and they said they had words with NR but they still carried on and even sent their "debt advisor" to my house after I had informed them I was bankrupt and he said he had been sent to find out my plans for the house, even though I had told them over the phone the day before [V]

It appears you have gone through a horrendous experience at the hands of NR. Please when you have time can you pin a chronological precis of everything with approx dates and forward to my email address. I might be able to stop these NR actions for others.