I'd just thought i'd share my experience with people here regarding Northern Rock.
To make figures work I was advised it would be best convert my mortgage to Interest Only then address the equity in the property by giving then an extra years worth of payments. This seemed good advice and the IVA was accepted! (Considering HSBC had 95% of the 46k's debt it would seem silly for them to vote no too!)
I was told to get the mortgage converted before any IVA paperwork was sent out to them (seems sensible enough). Someone at NR on the phone told me this had been done (was a supervisor) and I took their word for it and didnt wait for it in writing. My IP sent the paperwork out and you can guess the rest. Northern Rock blocked everything the minute they got word of the IVA until the outcome of the IVA meeting.
I have to say this wasnt my IPs fault I kept pushing to get everything sorted. I had the mental attiude of quicker I got this sorted quicker I can move on. If anything I probably gave myself a little bit more stress!
After the IVA meeting was accepted I got straight back onto the phone to Northern Rock and was told you cant do that. After moving it up the chain in Northern Rock, they finally seemed to accept the fact that they had little choice but to convert it. However, it took just over a week to get them to change it. I am still awaiting confirmation in writing, however, it does look a lot more promising.
I have to say Northern Rock are very hard to deal with I recoken i've been on hold for well over 5 hours in the last week trying to sort this out.
There's a big lesson to be learnt here by myself
- Firstly always ensure you listen to professional advice
- Secondly, have patience
- Thirdly, always ensure you get important things like this in writing!
Hope this might help someone else
