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Posted: Sun Sep 07, 2008 11:24 pm
by MARK1882
Hello.
Anybody help on this one. Have a together mortgage
with NR. £90,000 secured & £9000 un-secured. Would the
unsecured part be included in IVA application or not.
Thanks
Posted: Mon Sep 08, 2008 12:02 am
by freelili
Hiya
The unsecured part would be included in the IVA.
Posted: Mon Sep 08, 2008 12:10 am
by MARK1882
Would this not count as arrears on my mortgage.
Posted: Mon Sep 08, 2008 6:48 am
by plasticdaft
Doesnt the unsecured part of this become secured?? I though I had read on here that it does. Someone else will know better!!!
Posted: Mon Sep 08, 2008 10:34 am
by natasha.j
hello there we have a together mortgage with northern rock and tried to get an iva. the unsecured element can be put in an iva if they accept your proposal they rejected ours[:(!]
Posted: Mon Sep 08, 2008 12:30 pm
by MelanieGiles
The unsecured loan is completely separate from the mortgage and is therefore treated as an unsecured creditor within the IVA proposal. Do be careful if you stop paying the unsecured element in the period running up to the IVA, as Northern Rock have a habit of allocating your mortgage payment in proportion to the unsecured loan payment which will leave you with mortgage arrears.
Posted: Mon Sep 08, 2008 12:46 pm
by plasticdaft
I stand corrected.