Northern Rock

[spenmotherhen]

Hi Everyone

Been away from this site for a while, as fingers crossed, my IVA is running quite nicely. this was until I saw all the hype on Northern Rock.

My worry is that when we first strated our IVA 18 months ago we fell behind 2 months with our mortgage. It has been paid on time since then but we have never had any money to catch up these owing months.

As we are on an interest only mortgage, I was told by one of the Northern Rock employies that it didn't really matter as we were charged interest on what was outstanding anyway (the total amouint of the mortgage).

The problem is during our IVA we have come to the end of our fixed rate mortgage and now pay a huge £125 more a month as we have had several increases as the interest rate goes up. As we are in arrears despite being told this isn't really a problem with interest only mortgages we are unable to go back onto a fixed rate mortgage.

I have just read that people who are on an interest only morgage which is not fixed rate with Northern Rock will more than likely see their mortgage rate rise due to their financial probelms.

I am very concerned as if our mortgage goes up any more we are likely to be in a position where it could jepordise are IVA. Is there anything we can do? To pay our arrears we would have to find £1200 - not very likely when we are on such a tight budget anyway.

Any info would be greatfully received thanks.

[mikebdomain]

It is unlikely that NR are going o penalise you any further because of your arrears, anybody not on a fixed rate whether interest only or repayment IS going to suffer if interest rates go up regardless of credit history. I would recommend remortgaging now to secure a fixed rate until the IVA clause comes into effect.

You will possibly have to remortgage away from NR. Please remember you will need the permission of your IP / Creditors. Also remember if you are looking to remortgage even with an IVA it is best to have a clean slate of 12 months on your current mortgage. (Regardless of the current arrears situation)

[Skippy]

Hi Spenmotherhen, it's nice to see you back! I hope you get your mortgage situation sorted out soon.

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[spenmotherhen]

Hi Thanks for your replies. how's it going Skippy?

I didn't think I would be able to remortgage with another company as we had a together mortgage with NR and are interest rate is still set at a higher rate because of this despite our loan part of the deal is wrapped up in the IVA. We have paid over 12 months mortgage continuously. Does this mean we could approach other companies to remortgage?

We would have equity in our home of around 20k, could we remortgage without releasing this early/ (With regards to the 4 year clause?)

Mikebdomain just a quick question, sorry if I have misunderstood you, can you explain what you meant by the IVA Clause?

Thanks again for your advise

[mikebdomain]

spenmotherhen

A mortgage broker will only be interested in the secured portion of your mortgage and the fact that your IVA has been run satisfactorily.

Yes, you can approach other lenders,

No, you do not have to release the equity.

The reference I made was to the 4 year clause.




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see feedback and testimonials at:
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[Skippy]

Hi Spenmotherhen, I'm fine thanks - almost halfway into my BR now! I hope you get your mortgage sorted out - give Mike or Welshboy a try as I've heard good things about both of them.

Take care and keep posting x

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[spenmotherhen]

Good to hear things are going well now Skippy - I used to read this site regularly. What has happened to Neverending??

Thanks for your info

If I was to remortgage could there be a possibility of full and final settlement and also to get a better mortgage rate than 7.4% so not to increase our monthly mortgage payments?

I have also read that an IVA stays on your record for 6 years, is this still the case with a full and final settlement.

Thanks again for any advise

[Adam Davies]

Hi
Neverending has turned into ME !!![the same person]
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[Adam Davies]

oh,and yes even if you have a full and final accepted it still stays on your credit file for the six years from the start of your IVA.However it is removed from Insolvency register.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[spenmotherhen]

Nice one Andy, that's fantastic. I have learnt alot from your info on here. I thought it was a shame when I had logged back on to this site and could'nt seee you as "Neverending" anywhere. Good to see that you have "Ended" and all is going well with your shop. I may be interetsed in some info on full and final settlements. Just need to weigh up our options. Nice to put a face to a name also - I take it the pic is of your best side lol!!

[Adam Davies]

Hi
Yes I must admit that the pictures look as if i,ve just escaped from prison[or the planet of the apes !!]
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[Skippy]

Are you going to change your user name to Galen Andy?!?

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[Adam Davies]

Hi
Was he one of the apes ?

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[MelanieGiles]

He was the little cute one who everyone liked - played by Roddy McDowell I think in the original series!

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[Adam Davies]

Hi
LOL
I remember that now
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp