I phoned Northern Rock Asset Management last Thursday to request a mortgage redemption statement.
And it's not arrived as yet? How long has it taken other people to receive theirs?
Also I have one of those dreaded Together Loans so my Mortgage Payment and Unsecured Loan payment is taken out in one monthly sum.
Now I intend to enter an IVA, I cannot pay the unsecured loan part so should I just cancel the DD and ring up to make next months mortgage payment? I have sent NR a standardised letter my IP issued with the instruction I was intending to enter into an IVA.
Have you spoken to an IP yet? If not then I recommend that you do. They will advise as to what you do with the NR loan.
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
Yes - the loan is Unsecured so forms part of the debt which will be in the IVA. As such, I cannot pay any money to Northern Rock for the loan as this would be unfair to other creditors. Plus the payment to loan would be nearly 75% of what I hope to pay as my monthly IVA amount. So I know where I stand with that...but its all the hassle changing the DD o a lower amount or cancelling it and making a payment over the phone.
Main query - how long have people waited to recive their redemption statement?
Have you spoken to an IP? If not, then I recommend that you do so and they will be able to advise you.
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
I've just rang to request a redemption statement too. I was on a concession arrangement for 12 months, currently in 9th month. It's hard for me to work out was my secured amount will be when the arrangement ends to be honest. Are you having any difficulties ??
After visiting this forum i've decided to go with IVA advice bureau with Mel Giles. It seems she is an exert in dealing with NR because i obviously really want the IVA excepted. How about you ???
i just cancelled my direct debit and paid my mortgage on my bank card-i had a together mortgage and when i went to debt management on the unsecured amount northern rock began taking money from my secured loan and putting it on my unsecured-when i started receiving letters from northern rock telling me i had arrears on my mortgage account and they would be charging me i was horrified- i have never missed a mortgage payment-when i went to iva everything was sorted but you really have to watch what they are doing with your money.If you look at your mortgage statement you will see figures for each account-thats how i could see they had moved money from secured to unsecured.Every time i rang them about arrears letters they were adamant i had arrears on my mortgage-til they "realised" their mistake-be careful and good luck
Last edited by andrea1968 on Fri Oct 22, 2010 6:22 pm, edited 1 time in total.
full and final accepted January 2015
iva agreed; August 2010
iva would have completed; August 2017
extra year thank's to NRAM
Anamae82 - I've found it easy to work out what I will owe on each part (mortgage and unsecured),as andrea 1968 says they do separate the 2 amounts on statements. Just out of curiosity what was involved with the concession arrangement you had?
And yes I too have gone with Melanie. I did lots of research online and spoke with approx 5 different companies and just felt Mel's company had a very good reputation. Plus Tina who I spoke to when I phoned up was extremely helpful. It felt more like talking to a knowledgable friend than someone working for a company. And I had a couple of questions after the initial conversation. She returned any calls promptly and answered all my queries.
I have cancelled my Direct Debit to pay NR and will pay next month's using my bank card.
I really hope my IVA will be accepted - Northern Rock equates to approx 56% of the total debt I owe so I really need their vote!!!!
Hi Tillergirl and Mel. The concession arrangement was for 12 months where they took out of my 5 year fixed which expires jan 2012 and put me on a much lower interest rate to help me get back on our feet. This ends in Jan and i spoke with Head office the weekend to ask what happends in Jan and i'm going on the SVR. Right now it feels great cos it's alot less each month however i am aware that the rate can you go just as much as it can go down.
I feel exactly the same going with Mels company i don't know if your like me but ever since i have considered the IVA i am thinking about it all the time and praying that it will happen. I don't know what i'll do if it fails, i dread to think. Keep me updated on how your getting on, it's nice to talk to people in exactly the same boat as me !!
Tillergirl wrote:
Anamae82
And yes I too have gone with Melanie. I did lots of research online and spoke with approx 5 different companies and just felt Mel's company had a very good reputation. Plus Tina who I spoke to when I phoned up was extremely helpful. It felt more like talking to a knowledgable friend than someone working for a company. And I had a couple of questions after the initial conversation. She returned any calls promptly and answered all my queries.
Thats how I felt. Tina was great and once I'd had the first two calls with her and given her all my information she sent me an email on the mornign of her holidays....and when i text to confirm something she answered straight away. Tamsyn has been the same way, would class her as a friend and not a person on the end of the phone. we even have similar interests. LOL
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
This makes for interesting reading. I have a Together mortgage with Northern Rock too and have been nervous how they'll respond to me going for an IVA. I've decided to go with Vincent Bond and have been advised to make payments to Northern Rock as normal until the IVA is approved.
