My husband has just rang me to advise we have a letter from Northern Rock to state we have been charged £63 on top of our joint loan for the privilage of their vote.
We are proposing that we continue to pay them in full as my husband is not applying for an IVA and is down as a contingent creditor, do these people not appreciate how much debt I already have without adding to it!!!!!!
Is this normal - I wish I knew more about what is going on and what creditors may do - I'm a bit lost.
I even had a leter from a catalogue company yeterday saying they were sending my account to a debt collection agency even though they have had notice of the creidotrs meeting.
Feeling the blood pressure starting to rise now - ooh how bad if I cry at my desk!!!
It is normal - we had another post recently about NR charging for the vote. If it means they've actually taken the time to read and serioulsy consider the proposal, then its money well spent. The fee will be added to your NR debt and dealt with via the IVA, so don't worry.
Its also normal for debts to be passed to debt collectors, again don't worry. When the IVA is apporved send all letters toi your IP for them to deal with.
Not too long to go for you now...try to keep strong xx
I actually didn't think NR would have to vote as we aren't proposing a reduced payment to them as its a joint debt, likewise for a TAX Credit overpayment from the IR???
NR are entitled to vote as they are now having to agree to effectively transfer the liability from joint names to your husband's sole name. This would also apply to the tax credit overpayment. Any dividends received from the IVA will reduce the liabilities to these creditors meaning less that your husband has to pay back.
Oh Michael I'm soo confused does that mean come of the IVA money would go to NR - its just my proposal includes a partners allowance to cover the repayment of the loan!
I assume NRs debt was included for dividend calculation so they will receive a payment like any other creditor. This will reduce the balance and the length of time your husband will spend repaying the debt.
There will have been an allowance made for the contractual payments to be maintained as your husband must be able to afford them, but NR will still be entitled to a dividend.
It may be that your IP has drafted the proposal differently but that is how we would do it.