I would really appreciate some help!!
I enquired today about a possible IVA...
I mainly have credit cards and one loan which I have informed the IVA company about.
All debts are in my name.
The only thing I've not yet discussed is the fact that I have a Northern Rock Mortgage (£105k) plus a Northern Rock unsecured loan as part of the Together plan (£25k). My house is valued around £105k)
The mortgage and loan is in joint names with my father. He doesn't and never has contributed to the repayment of this...he was purely a 2nd applicant on the mortgage so that I could secure the credit I needed.
Would the Unsecured loan element have to be included in my IVA application?
Would my father have to been involved in the IVA?
Whats N Rock's responses ususally like to including this loan in IVA's? Has anyone had any success with this?
I'm confused, worried and stressing.....any help/advice greatly appreciated??
Not certain, but I think that the unsecured part will be included in the IVA. If that is the case, then your father will be chased by NR for the full amount, as you are both jointly and severally liable for those joint debts.
However, not 100% on that, and hopefully a professional will be along later to advise.
You will not be able to keep the N Rock debt out of the IVA as your IP company will ask for a copy of your mortgage statement which will show the debt.
I would follow Andy's advice as see whether you could offer a DMP to creditors where you pay the contractual amount to the together loan (which will be a lot lower than payments to credit cards) and then make an offer of pro-rata payments to the others.
This is not strictly in accordance with the principle of pari-passu distribution, but so long as all of the creditors accept it should cause you little bother.
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