www.iva.co.uk

My creditors meeting is a week on Monday, 2nd October.

I used to have one of the infamous NR Together mortgages. When NR went belly up both loans were transfered to NRAM. They were later passed onto Landmark Mortgages. Its the latter I've been dealing with since I started trying to get into an IVA. I now make payments direct to them under instructions that they are paid entirely off the secured mortgage and nothing is paid off the unsecured loan. Thats happening and all is well and good.

When I first started asking for financial help I rang Step Change. The initial advice was great and I went on to speak to Step Change VA. I didnt go ahead with them in the end as I found a firm I preferred via this forum. When I spoke with Step Change VA the guy that went through my income and expenditure with me told me that Northern Rock always insisted on a 6 year IVA (7 without remortgaging).

I havent worried about it too much thinking that my debt is actually with Landmark but all of my paperwork from my current IP has my unsecured loan down as being with Northern Rock. Thats despite all of the paperwork I sent them being from Landmark.

TBH - I'm not bothered who it is with but I am a bit concerned about the possibility of a 7 year IVA. Anyone ever heard of anything like this?

This is standard with any NRAM or related company loans -- and they normally have the "clout by value" to force the issue. You will get this with whichwever provider you use --- Northern Rock / NRAM / Landmark will all push for a 6 year basic term ( extendable to 7 in lieu of equity).

Thanks for the reply. They have about 21% of the debt so can the others outvote them?

adam355 wrote:

Thanks for the reply. They have about 21% of the debt so can the others outvote them?

It is possible -- you need a 75%, by value, yes vote from those who vote on the day, so, if all of the others bothered to actually vote (some don't) and voted yes without the modification they could be outvoted.

Doesnt sound too promising then does it? Sounds like I will just have to accept itvwill be seven years.

I had a loan with northern rock and they added a year to my IVA but thankfully I didn't have any equity to pay 7th year.

Same here I had to do six years insisted by NRAM
punished by the people who caused the financial crisis,who pushed people to borrow more than they could afford,then treated them like cap
BTW NRAM will sell your loan on towards the end of your iva

watzki wrote:

Same here I had to do six years insisted by NRAM
punished by the people who caused the financial crisis,who pushed people to borrow more than they could afford,then treated them like cap
BTW NRAM will sell your loan on towards the end of your iva

Yes, it is rather perverse that some of the big players in both the "crash" and the PPI saga, along with the related dishonesty, are the ones who are difficult to deal with, or have views against debt solutions in general --- having forced those solutions on many former customers.