Northern Rock Together mortage

[MelanieGiles]

Your IP would have to admit that he deliberately left the debt out, and explain why! I suspect that he will not be prepared to contemplate making such admission to the other creditors.



Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[caknight]

ah well, we'll plod on as usual thanks again

[Adam Davies]

Hi
IPs need to be whiter than white and NR need to treat insolvency the same way that all the other creditors do.
It's just not right

Andy Davie
IVA.co.uk Spokesperson and Website Manager

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http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[cat 1]

My mortgage is with NR.I also has an unsecured loan with them of £12.000.My advisor initially said NR would lump the whole lot together as 'mortgage'.However, they didn't do this in the end, but they were very concerned that NR would scupper the whole process for me.NR took the whole lot out on the first month, then only the mortgage payment the 2nd month.I'm still awaiting the £80 difference from them. Despite prompts it hasn't arrived!!! Have told my IVA company.Cat

[MelanieGiles]

We have to take NR's policy on the chin and grin and bear it - not try and make up new rules to get round it. IP's who engage in deliberate manipulation of the rules for their own benefit deserve to have their licences removed.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[ellie 553]

Just to clarify - I have a Northern Rock together mortgage and I am not in an IVA. I have asked the solicitors dealing with my house sale to get a redemption figure for the secured part only. I want to keep the unsecured part on afterwards and I know the interest rate is higher but its ok cos hopefully it will be for a few months only.
Are there any circumstances whereby NR can make me pay the secured AND unsecured parts of the loan on completion of the house sale?

[Beechy]

Yes we do ahve to grin and bear it.

It just not right that some companies are allowed to get awy with type of practice.

I guess they dont have the personal relationship with their clients.

We always try an IVA (if it is the best advice) even if they do have NR BUT advise that there is an issue with NR.

If NR do fail the IVA we then work through the next best way forward. Emotionally this is hard for both the client and us.

On a posative note (or cynical depending on you out look on life. is the glass half full or half empty) NR are looking after our money or are they protecting the future purchaser from the bad debt situation. (nationalized or private investor option)

Dave Beech

[Adam Davies]

Hi
Well they have a much lower bad debt provision than the other main stream lenders,however are they just delaying or hiding a big underlying problem,and will this "come out" once a new buyer is found[if]
regards

Andy Davie
IVA.co.uk Spokesperson and Website Manager

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[Beechy]

I think that the point I was trying to make. Based on the fact that they have the highest rejection rate (Allegedly)

Dave Beech

[Beechy]

Are redemtion figure counted as profit and then tapered as the loan progresses

Dave Beech

[mikebdomain]

Hi ellie 553 - No they can not make you redeem the unsecured part, but as previously mentioned, they will increase the interest rate, as according to your contract.

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[kpw]

hi
Whether we like it or not I have heard that IPs are presenting proposals based on the whole together mortgage, and with the other creditors approval, the creditors are accepting the proposal. Is this a problem provided all the creditors are aware and accept it. They would presumably have their reasons for doing so?

[pbeck]

I have an IVA client with one of these Northern Rock combined mortgages/unsecured loans.

Once the IVA is approved they must stop taking payments from the client in respect of the unsecured part, and all payments made will be allocated to the mortgage only.

Now this will not apply if the mortgage/unsecured loan is joint and only one partner is in the IVA, as the other partner will become fully liable for the unsecured debt.

Philip Beck

Licensed Insolvency Practitioner and IVA specialist

[MelanieGiles]

If this is disclosed to the other creditors, and they are aware that one creditor is being deliberately preferred, and they then agree to that treatment, then so be it. But I rather suspect that creditors are not being informed appropriately - or maybe I'm just a bit cynical!

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp