Posted: Thu Apr 19, 2007 5:23 pm
Hello all
I've had a few conversations now and we're feeling happier about the way forward. We have a telephone chat with Melanie's office tomorrow so I'm really nervous about that but also excited about getting things moving!
We have an endowment policy and general consensus has been we can surrender this without too many problems but still maintain an interest only mortgage whilst in the IVA. This means we have £12K to immediately put into the pot and also another £150 per month to tempt the creditors with...! We've received confirmation on value today from AXA and the blurb goes on about 'if' the plan is assigned the documents will be with a bank, society etc. as security for loan. Well we have our plan/documents in full and they've never been with anyone else. AXA do know we originally took our policy as endowment vehicle for mortgage but Northern Rock never asked to see anything and all they ever say is 'its your responsibility to make sure when the loan ends you can repay' etc.
The form asks for signature of assignee together with company stamp. Do I need then to send this to Northern Rock even though we hold all our own documents, plans etc or do I just skip this bit?
We're not going to do anything about surrendering until we've had our first detailed chat with Melanie's office, I just wondered if any experts out there think this is standard blurb?
Still really nervous and almost wishing the next few weeks away...!
Thanks everyone
Lucy
I've had a few conversations now and we're feeling happier about the way forward. We have a telephone chat with Melanie's office tomorrow so I'm really nervous about that but also excited about getting things moving!
We have an endowment policy and general consensus has been we can surrender this without too many problems but still maintain an interest only mortgage whilst in the IVA. This means we have £12K to immediately put into the pot and also another £150 per month to tempt the creditors with...! We've received confirmation on value today from AXA and the blurb goes on about 'if' the plan is assigned the documents will be with a bank, society etc. as security for loan. Well we have our plan/documents in full and they've never been with anyone else. AXA do know we originally took our policy as endowment vehicle for mortgage but Northern Rock never asked to see anything and all they ever say is 'its your responsibility to make sure when the loan ends you can repay' etc.
The form asks for signature of assignee together with company stamp. Do I need then to send this to Northern Rock even though we hold all our own documents, plans etc or do I just skip this bit?
We're not going to do anything about surrendering until we've had our first detailed chat with Melanie's office, I just wondered if any experts out there think this is standard blurb?
Still really nervous and almost wishing the next few weeks away...!
Thanks everyone
Lucy