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Posted: Wed Nov 03, 2010 7:25 am
by viki.cn
Hi, I have a Together mortgage with Northern Rock which means a % is an unsecured loan. I've applied for an IVA with Vincent Bond who have been very helpful. They advised me to keep paying Northern Rock as normal until the IVA has been accepted as they are my mortgage provider. Have seen some comments on here that contradict this - which is right? Could this cause problems with getting it accepted?
Posted: Wed Nov 03, 2010 9:42 am
by liamjames
I'd continue making payments to Northern Rock as VB advised - without seeing the contract I'd be extremely wary about suggesting otherwise.
Posted: Wed Nov 03, 2010 10:08 am
by Tina Shortland
Hi Viki.cn , yes VB are right. There is a danger NR could split the payment to your mortgage only over both your mortgage and unsecured loan therefore leaving your mortgage in slight arrears. They will later rectify this but to save any possible issues it is best to carry on with that one for now - it is a special circumstance outside of the normal "treat all creditors equally".
Regards,
Posted: Wed Nov 03, 2010 12:44 pm
by viki.cn
Thank you for your comments - made me feel more at ease!
Posted: Wed Nov 03, 2010 5:28 pm
by deepinit
I had a together mortgage with NR and I kept payments upto date with the unsecured loan, then on agreement of IVA NR sent a letter with new payments, I'd keep paying them then you won't fall into arrears
Posted: Wed Nov 03, 2010 10:41 pm
by MelanieGiles
We always advise our new clients to carry on paying the full contractual payment until the IVA is approved. As Tina says this stops them from allocating mortgage payments to the loan, thus leaving you with worrying mortgage arrears.
Posted: Mon Feb 14, 2011 5:34 pm
by viki.cn
Hi, sorry to resurrect this but getting very confused! I'm in the advanced stages of my IVA proposal and have been making payments to Northern Rock as normal (they are advised that I'm going through an IVA process). However have been advised not to make the full payment to them this month so that I can afford to make a payment to my IP company (a request that has come out of the blue!) I'm very uncomfortable with this approach and don't understand why I would be asked this - help please?!
Posted: Mon Feb 14, 2011 6:45 pm
by Broke of London
Hi Vicki - you need to ask VB why they want the first payment in advance of the meeting. They are a reputable company so work with them and ask to speak to your IP direct if the office staff are giving mixed messages x
Posted: Mon Feb 14, 2011 7:19 pm
by kallis3
VB always have payments as their fees for doing the initial legwork for the IP company.
The first IVA payment will go to Mel and she does like this upfront but I think if you can't afford it she will be flexible.
Posted: Mon Feb 14, 2011 7:31 pm
by viki.cn
Thanks both - feel better about it now. It probably is just miscommunication but it did worry me!
Viki x
Posted: Tue Feb 15, 2011 12:06 am
by MelanieGiles
Am I missing something here? Are you a client of mine viki.cn?
Posted: Tue Feb 15, 2011 12:13 am
by MelanieGiles
Sorry Viki - have now traced who you are and I will look into this tomorrow for you.