Good luck gbenno - you'll be fine with Mel and her team.
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
Well things are now rolling. I'd just like to say a big thanks to everyone who's posted up their comments so far. Tina has been brilliant and I'm looking forward to speaking with Melanie as things progress.
My new debit card came through today which is good - I had worries about it being only a cashcard. At least I'll still be able to pay for things by debit card when needed.
In other news, I asked my mother about her loans (she has two) and specifically whether she had PPI on either of them. She had no clue and has dug out the paperwork; looks like she's been sold PPI she didn't even know about (so I suspect it was simply added to the loan without clear explanation).
I'm now in the process of advising her as to how to go about asking for the premium back, and a quick calculation shows she could be due around £4.5k. She could really use the money right now so I'm hoping there will be a positive outcome from that.
Sounds positive - hopefully your mum can get her claim sorted out as well. Be a nice little windfall that.
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
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
Evening folks, just a quick update - I've not forgotten you all!
Melanie's people have been in touch and the wheels are starting to turn. However, I've been thrown a curve ball by the residents' company to whom I'm in arrears for my service charge. Part of the proposal was to commence payment of the on-going amounts immediately, and add a further £100 per month on top to clear the arrears. This would've taken 35 months.
However, the company secretary has come back saying that they require the money immediately, and that they can apply to my mortgage lender for the amount. As I understand it, the debt would then be added to my mortgage.
It will undoubtedly mean that my mortgage cost goes up, and will cost me far more in the long run. It also means that whilst I will not have to pay an extra £100/month to clear the arrears, I will have to increase the amount I repay on my mortgage. This could potentially have an impact on an IVA proposal.
Has anyone had any experience with the process that the management company are talking about? Is it the right way to proceed? The debt was not proposed to be included in the IVA, but paid back faster. After the 35 months had passed, the arrears would be cleared and the £100/month would be funnelled into the IVA.
I have a feeling things are going to get a little bumpy.
I have no idea how these things work unfortunately but speak to Mel's team. They will sort you out.
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
"If there is a mortgage registered against the flat, it will do no harm to write to the first mortgage lender, asking them to pay the arrears. They may be prepared to do so, as, if you should seek to enforce arrears of service charges by going down the forfeiture route, it will bring the lease to an end and the mortgage lender will simply lose its security. They will wish to avoid this if at all possible, even if it means incurring further expenditure which they may possible not get back (if, for example the borrower is, or may soon be, in "negative equity". Most mortgage deeds will give the lender the specific right to pay rent and service charges on the borrower's behalf, and to add the money to the mortgage-debt."
Hmm.
Assuming they add it onto my mortgage, my mortgage would increase by about £15 a month.
Last edited by gbenno on Thu May 19, 2011 7:35 pm, edited 1 time in total.
Speak to Mel's team - they will help you out with this.
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
Hmmm ....... it strikes me that the arrears of service charge are in fact an unsecured creditor which should be included into the IVA. We will need to review the service charge agreement when you send your paperwork through to be sure.
Thanks Melanie. I'm in the process of getting together the information requested but will need a little time to organise things like a valuation. I've been sifting through so much paperwork it's making my head spin!
On the plus side, I feel like I'm actually DOING something which is good.
