I just dont see our proposal being accepted because after reading our proposal, have realised (how stupid I was to miss this) that the loan we thought we had attached to our mortgage with Northern Rock happens to be insecure! Which I assume means we will have to pay and extra 12 and go interest only! Also, Payplan have been very kind to us in our I&E allowing us very reasonable living costs plus my husbands employers pension which comes out of his wages automatically. Surely, NR are not going to let this go through? We owe £80k total debts, £27k of that is with NR!!
You need to speak to Payplan about the NR loan - I don't know if they will have realised that it is seperate to the mortgage, but you need to let them know.
The pension should be ok if it is not excessive - I have one allowed in my IVA.
Payplan are pretty good with their allowances.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
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Sorry, should have explained myself better, but zim zim is right.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
It was Payplan that picked this up, they obviously realised this when we sent all the paperwork, when I saw the NR loan as part of the unsecured debt, I had to dig out the paperwork becuse I thought they had got it wrong, but it is unsecured. Just get the feeling from this site that NR are not good with accepting IVA's and I now have that worry. Although, Ive read a lot about NR acceptance criteria but never any info on what this actually is! Will speak to PP in the morning and get their view and experience in dealing with the Rock!! Thanks all.xx
NR are usually supportive of IVA's these days, and if Payplan have picked up on the loan, then your 38p dividend probably includes that.
Just clarify it with them in the morning.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Mrs Moody I think its normal practice (having read others experiences on these boards and advice from my IP) for NR to request that Repayment Mortgages are changed to Interest Only.
I am surprised your IVA has actually reached the "proposal" stage with the Repayment still in existance but I suppose your IP will know best and 38p/£ seems quite a decent pay back.
Good luck.
Last edited by Pennyless on Tue Sep 15, 2009 10:45 pm, edited 1 time in total.
I came into this world with nothing and still have most of it left!
Northern Rock are not opposed to supporting IVAs where it is an appropriate solution Mrs Moody.
As NR do represent more than 25% of the total creditors though, Payplan may be approaching them initially with your agreed draft of the proposal to query their support in any event.
Good luck Mrs Moody.
Kind regards,
Angela Rosler
Insolvency Manager
Helping people with their debt problems for nearly 10 years.
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