mortgage conditions and BR

[scaredkez]

have just found the mortgage conditions for NR and my mortgage on it, it says that:

when the mortgage debt becomes immediately payable.
the mortgage debt will become immediately payable if (where you are an individual) a BR order is made against you or you enter into a voluntary arrangement with your creditors.


is this standard or do they enforce this at all?

thanks kerri

Please view my blog at: http://scaredkez.blogs.iva.co.uk/

[MelanieGiles]

Hi kerri

This is in all Northern Rock mortgages, but it is rarely enforced if at all. Northern Rock will know about your bankruptcy, as the OR will have written to them, so no news is good news.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[scaredkez]

thanks melanie, found some other old mortgage papers too and it says the same on them from another company.
kerri

Please view my blog at: http://scaredkez.blogs.iva.co.uk/

[Storm]

Its a standard clause on most credit agreements however not often if ever exercised.