www.iva.co.uk

The Chancellor of the Exchequor announced that Northern Rock is to be nationalised with immediate effect this afternoon. This effectively means that HMG will be responsible for property repossession, mortgage disclosure and debt write-off within the bank, until a buyer can be found.

the man on the news just told me as well.What does this mean for people who have thier mortgage with them? Cat

You will carry on making the payments in the usual manner and there is nothing to worry about. All it means is that the bank has come under HMG control until it can be packaged up properly for sale. The average borrower is unlikely to be affected.

just fast forward a few weeks after nationalisation till the first northern rock mortgagee is reposessed.
the press will have a field day.

Hey if they govt owned now.....could always try a online petition!

Surely a now Government backed organistation will not reject Government legislated policy in the form of IVA's? Can those whom have had their IVA's rejected solely based on Northern Rock's refusal, now reapply with some degree of confidence?

The next few weeks will be interesting Mike, but I suspect that the bank will still vote with their commercial head on, so do not expect to see much change to be frank.