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.
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.
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?
"I will creep into your thoughts like a bad debt, that you can't pay, take the easy way out - and give in." Morrissey.