www.iva.co.uk

Hi, we are currently going the iva way but I have been told by our iva company that the unsecured part of our Northern Rock Together mortgage will not be included in the iva. Is this correct?

Hi and welcome.

All unsecured debts must be included in an IVA and I think that the Northern Rock one will be included.

I do stand to be corrected though and hopefully someone else can come on and advise about this.

As far as I know the unsecured part of the loan will be included. This is how Northern Rock gets its fingers in so many IVA's.

Is it the "Together Mortage" ?

It is according to the original post. I thought it would be included.

Which company have you approached lilliane? I would speak to one or two more. Either contact the experts who post on here or visit www.iva.com for a list of companies and reviews. The advice is free and impartial.

Yes it will be be included, as said above all unsecured debt is included in an iva.

I also have a Northern Rock Together mortgage and have just returned my proposal which includes the unsecured part of the mortgage.

Your lucky if you got to stay with NR. We got moved to NRAM. On SVR so let's hope slump continues then mortgage doesn't increase!!! Mine had to be included. As far as I was informed only car hp & secured debt isn't included. Just note though if it's joint & like me only one is going into an IVA the other person needs to make the full monthly payment to the unsecured part of the mortgage. That caught me out initially!!

Hi, it is a together mortgsge. The company we were going with was the debt people. It is a joint application and the mortgage was moved to NRAM. So worried that if it is included that the IVA will be refused.

Also, so worried if it's not included and we have had incorrect advice that the iva could fail based on this. Has anyone known this happen? So frustrating as there are so many companies out there and now beginning to doubt whether we are going with the right one. With it being the weekend feel so stuck as cannot contact the debt people until tomorrow

You can change your company if you are not already in the IVA - how far along the process are you?

Check your latest NRAM statement should have maximum 3 parts most have 2. Mortgage, secured loan & unsecured loan. They split the loans by placing mortgage & secured together as they are against the property & then it will say unsecured. If it states unsecured then this amount goes into the IVA. It is similar to a personal loan.
NRAM may ask you to make 72 payments depending on the amount on unsecured loan. Then you may well have equity release meaning it could be 84 months long. I know a few of us on here have 6 year plans.

we are supposed to be sending documents to go ahead with the iva tomorrow

Check with the company again tomorrow and ask about the unsecured part of the debt and whether or not it is included. If it's unsecured then it should be.

In the meantime give one or two other firms a ring today and see what they say. You can always cancel the initial company. It won't take long to start another one as you've not sent the documents off yet.

We have the *together* mortgage and the loan is unsecured.
Any one telling you this cannot be included in an iva is giving out the wrong information.
We have a 6 year iva,the extra year was requested by NRAM, they also asked that we give over 50% of any extra income each month and we also have a minimum dividend to achieve.We also have to look at equity release at month 66 and if we cant release any we will be looking at another 12 months. If you are still in a fixed rate when the iva is approved you will revert to a svr once fixed rate period ends, no other deals will be offered.
Our iva company warned us that NRAM may ask for the 6 year iva and the modifications they may request, so we knew in advance what to expect.
They had just over 50% of our debt so we didnt have any option but to accept.
Mind you, we had over 20 years left to run on the loan with them so cant moan,can we!!!!

To be honest I would have second thoughts about proceeding with the company that gave such advice, which is ...well.. wrong!

At the very least I would suggest that you have a couple of phone calls with some of the companies over on www.iva.com to check things out.

Hi
I think that it can sometimes be excluded but only with the agreement of your other creditors and again I think it can be excluded if it is a joint loan and the second party is going to carry on making payments in full.
Wait for Melanie's expert input
Regards