www.iva.co.uk

As above says, if I were to go through an IVA is the unsecured amount I borrowed on an NR together mortgage included?

Roughly about 12-13k

Other debts to be included in addition to this.

NR = Northern Rock

My understanding is anything unsecured can be included in a proposal for an IVA.

Speak to a couple of IP professionals to gain their support and views and this will then enable you to make an informed decision on your future !

Good luck

Can?

Or Has to be?

Every unsecured creditor must be included, so yes, has to be

All unsecured debts must be included in the IVA, including the unsecured portion of the NR debt. It is a distinct possibility that NR will move to have the IVA extended to 6 years basic.

Yeah I heard NR can be a pain about this, seems ironic they pushed me to borrow so much. Yes I realise it was my own fault too.

Also heard MBNA can be bad with IVA's too, I owe them 7k.

I owed MBNA £11k and they were as good as gold, apart from a couple of phone calls. Voted "yes" too :0)

thats why its important to have a ip representing you who knows what type of criteria creditors have regarding getting a iva accepted.melanie giles is a excellent IP who as a very good understanding of what creditors will vote positive too.

All the points raised above are valid, any unsecured portion of an NR mortgage and loan, commonly known as a Together package, MUST be included in any IVA proposal. Whilst this may very well lead to a 6 yr IVA rather than 5, typically the timescale on the together package is far more than 6 years anyway so it generally is a no lose situation.

MBNA have their own criteria for IVA, and typically if the debt can repaid within 10 years, assuming interest freeze, then they may prefer a DMP. This is definitely to be borne in mind if they hold 25% of the debt or more. Further, if they have passed a debt to Link, or if anyone else has passed a debt to Link and Link hold 25% of the total debt then expect IVA to be rejected automatically or if not then 85p in the £ may be a minimum benchmark.

Hope this helps.

Regards.

I'm with NR (now Nram) and had my unsecure loan put in my IVA, reading this I think I've had a luck escape with them my IVA was extended to 62 months on the chairmans report, think it could of been a typing error and should of been 72 months as when it comes to get equity release is says house must be valued at month 68

Deepinit...I don't want to rain on your parade but you should clarify the duration with your IP rather than relying on a typo. You may still be held to 72 months. Let us know how you get on.

first thing I asked BOL and they said they asked for 62 months they got 62 months that was the answer below is the chairmans report

The duration of the individual voluntary arrangement is to be extended to 62 months with the
debtor making an additional 2 monthly payments of at least £### per month.
If the Supervisor wishes to extend the arrangement for any reason such an extension is to
take place after 62 months from the date of approval of the arrangement.
If the debtor is required to release home equity this shall now take place after month 66 and if
the debtor is unable to obtain a remortgage the 12 month extension to the arrangement shall
now take place after 72 months from the date of approval of the arrangement

size5 wrote:

All the points raised above are valid, any unsecured portion of an NR mortgage and loan, commonly known as a Together package, MUST be included in any IVA proposal. Whilst this may very well lead to a 6 yr IVA rather than 5, typically the timescale on the together package is far more than 6 years anyway so it generally is a no lose situation.

MBNA have their own criteria for IVA, and typically if the debt can repaid within 10 years, assuming interest freeze, then they may prefer a DMP. This is definitely to be borne in mind if they hold 25% of the debt or more. Further, if they have passed a debt to Link, or if anyone else has passed a debt to Link and Link hold 25% of the total debt then expect IVA to be rejected automatically or if not then 85p in the £ may be a minimum benchmark.

Hope this helps.

Regards.

What or who is Link??????????

It is Link Financial Services who I believe buy up debts.

Deepinit - how did your IP explain the equity clause coming into effect after your IVA has completed? If it was a typo, it is a really big oversight and you should ask them to correct the equity clause to fit within the 62 month term.