secured or unsecured??

[jaspersgirl2]

Hi back again..love this site!!

Right here goes...I've been in my IVA for 26 payments....34 to go!! I am having trouble with what was an unsecured debt I owed to Northern Rock. They have now sold the dent onto to Fairmile Debt Collectors. My IVA started in Feb 2006...the Rock got an interim charging order on my property after the IVA had started..I think it was June 2006....my IP are trying to sort this but I'm not sure where I stand as they are saying that this could be seen as a secured loan now and the charging order could stand.

I obviously want the debt to be unsecured so it can be included in the IVA..and I assume the IP and creditors do too...else they will get less £ when I sell my house or remortgage.

I do have a 4th yr equity clause. Had my house valued recently as wanted to sell and buy a place with my bf but we can't raise the deposit on the property we want as we have to find 20%. Bf's credit is good. My house is worth £140k. I have a mortgage of £85k. If I wanted to do a full and final my IP said it would have to be in the region of £35k.

Basically I'm stuck at the minute waiting for Fairmile to make up their minds if my debt is secured or unsecured. The debt was for about £14k to NR but not sure what it is now! They have not contacted my IP and have never been to any meetings/reviews or claimed anything yet.

Could anyone help out on this one please.

Jasp

[Moneystinks]

Hi Jasp I hope you get the answers you need unfortunately I cannot help.

Good luck though and now your post will go back near the top lol! X

[Cybus]

Unless I am mistaken, Northern Rock could not have obtained a charging order post arrangement without you being made aware of it somewhere along the line.

Your arrangement was approved in February 2006 at which time Northern Rock became bound by the arrangement. I assume they were given notice of the meeting of creditors that took place, in which case they are fully aware of what the process is and further if they have sold the debt to Fairmile, it would appear that they have not disclosed the fact that you are in an IVA to them.

If your debt was 14K to Northern Rock when your arrangement was approved, it's not going to be very much different to that now. You should have provided up to date statements to your IP, who would have established the approximate amount due to them from that. The amount can now only have been increased by the level of interest that has accrued between your proposal being drafted and the arrangement being approved. There will be no interest or charges applied to the debt after February 2006.

[Andrew Graveson]

Hello jasp,

A search on the Land Registry website should reveal to you whether there is a charge on the property relating to a possible charging order.

[MelanieGiles]

They absolutely should not have been allowed to place a charging order on your property after the IVA was accepted, however if this was not challenged by either your or your IP the Court would have been none the wiser.

[jaspersgirl2]

Well I will just have to see what they come up with. I've got a copy of the charges on my property and its there...so fingers crossed it will all get sorted soon.

Jasp

[Viki.W]

Jasp, I can't help but just wanted to let you know I'm thinking of you and I, too, have my fingers crossed. Viki X

[jaspersgirl2]

Thanx Viki. Still waiting to here...everything is on hold until they make their minds up. So will have to wait and see...hope your having a good weekend..I've been working but its chill out time now...might do a car boot tomorrow is weather is ok.

Jasp

[Viki.W]

Ooh Jasp, enjoy your car boot sale, I've always wanted to do one but I work Sunday daytime and that is when they all are around here. I sell on ebay instead now, but car boots are better! My friend does them all the time, I can't believe how much she makes! Enjoy your weekend, hope you make lots of dosh. Viki X

[jaspersgirl2]

I'm still waiting to here if this situation has been solved. Either way it's now getting in the way of me trying to put an offer in for a new property. My IP says its with the solicitors..so I'm hoping after the long wait it will still be an unsecured loan and part of my IVA.

I made £28 profit from car boot...better than nothing I suppose.

Too rainy to do one today but still need to get a few in to keep afloat.

Jasp