Interest Only mortgage and Northern Rock

[Broke of London]

Hi - you should be able to tack the skipped payment onto the end of your iva. Or agree to maintain the current monthly level with NR as you haven't signed up to the repayment mortgage.

[Sinking Fast]

Thanks Broke.
Unfortunately NR require a new application form to be completed/submitted before passing to the underwriters for consideration.

I am hoping that Mel can offer a solution for the interim.

Hi - you should be able to tack the skipped payment onto the end of your iva. Or agree to maintain the current monthly level with NR as you haven't signed up to the repayment mortgage.

[Sinking Fast]

Well I have finally managed to get NRAM to make a decision as to whether or not we can continue on a interest only mortgage.

They have refused saying our mortgage is No1 priority going forward, and although Northern Rock personal loans are a creditor it as absolutely nothing to do with NRAM; and quite frankly they could'nt give a monkeys!!

So we have 2 options, either fail the IVA and go BR, or we cut back, I comeout of our company pension scheme (offering £148 into the pot), and we offer up a DI of approx: £300 pm. This is over £340pm less than creditors were going to get back so I would think the likelyhood of them accepting this at a variation meeting is very slim. That said they would get ZERO back if we went BR!!

I was of the understanding, reading many posts on this forum, that an extension to a IO mortgage was relatively starightforward.
This is obviuosly not the case, and we feel very frustrated and let down by the whole process.

We will submit our revised DI to Melanie, and see what that brings - more frustration no doubt.

Many thanks.

[Julie]

We are still on IO with NRAM, 3 years after changing from repayment and to be honest after I told NR interest only was our only option as hubby was BR, there was no problem.

It must be so frustrating for you, I hope Mel can help xx

[Sinking Fast]

Thanks Julie.

It is frustrating. I explained the situation, we ran through our I&E, and they said we can afford to stay on a repayment mortgage. I got that fed up with repeating our case, and the NRAM monkey running through her spiel, and refusing to put me through to the organ grinder I nearly did give up the will to live.

I have spoken to Melanies office, and the next move is to submit our I&E, and maybe Mel can work her magic with NRAM!!

Failing that a trip to court beckons[:(!]

We are still on IO with NRAM, 3 years after changing from repayment and to be honest after I told NR interest only was our only option as hubby was BR, there was no problem.

It must be so frustrating for you, I hope Mel can help xx

[MRBLUESKY]

Hang in there i,m sure Mel will sort something out.i would think twice about pulling out of your pension.

[Sinking Fast]

Thanks Mr Bluesky.

Yes it is something that we can consider is the pension. I do have my reservations though, but if NRAM are not for moving, then the only way for us to offer up any reasonable DI for a variation meeting, would be for me to postpone my payments into my pension.

Hang in there i,m sure Mel will sort something out.i would think twice about pulling out of your pension.

[luna]

Although not with NR we had a situation with an interest only part of our morgage coming to an end during our IVA.Our company would not put forward our proposal until we had this resolved.Our morgage provider C&G were very good and although would not extend on the IO, agreed to increase the repayment term up as far as our retirement age,therefore potentially lowering our overall payment and making more available to the IVA.At the conclusion of our IVA we will increase payments to bring the term back down.Not sure if this was a viable option with NR.
Regards,

[Broke of London]

Hi SF - suspending pension payments isn't a bad idea if you are backed into a corner. How old are you? Very rude I know! Can you increase contributions after the IVA to make up for lost time? Mel will see you right xx

[Sinking Fast]

Hi Broke,

I'm 40. NRAM will not allow us to reduce our payments period-they are less than helpfull.

We are backed into a corner,and I feel the only option is to suspend payments into my company pension, to offer up more for the IVA pot. Hopefully Melanie then can the push forward with a variation meeting, which will be accepted. Failing that we will have no option to go Bankrupt. I will hopefully discuss with Mel our options going forward.

Hi SF - suspending pension payments isn't a bad idea if you are backed into a corner. How old are you? Very rude I know! Can you increase contributions after the IVA to make up for lost time? Mel will see you right xx

[kallis3]

SF, so sorry that NRAM aren't being supportive. I do wonder sometimes whether these companies realise how hard things are.

Hopefully Mel can help sort you out. You should not have to suspend your pension payments.

[Sinking Fast]

Thanks Kallis.

I will let you know the outcome.

Many Thanks.

SF, so sorry that NRAM aren't being supportive. I do wonder sometimes whether these companies realise how hard things are.

Hopefully Mel can help sort you out. You should not have to suspend your pension payments.

[Sinking Fast]

Can anybody answer this question please.

I have sent a number of emails to melanie without any response. I also notice her presence on this site has dropped off.

Im sure there is a relevant explanation as to why my emails or even this post has not been replied to!!

[ginger3232]

Last time in was mentioned on here(a few days ago) - Mel is really busy with a few big projects - hence not posting here.

By the sound of it this prehaps takes her away from her office. Perhaps resend the emails etc to her office /rather than her individually

[kallis3]

Mel is very busy at the moment, however her team are still beavering away in the background and you can contact them via their office either online or on the phone.