Northern Rock - inflexible?

JWM

Hi all, looking for a bit more help. Have previously posted by SOA and got some useful advice.

The current plan is to extend the mortgage as much as possible and set up a self managed DMP. I’m not going through CCCA due to the fact that I don’t want to pay my creditors pro-rata (it’s a bit complicated and not the issue right now).

Anyway my question is, I currently have a loan with Northern Rock – just under 6 years to run, £16k outstanding. I have heard folks on here say that NR will not accept reduced payments or a payment plan. Is this true?

If it is true then I will try to pay them off first – which will obviously affect my other payments.

Thanks, I think I would have gone mad without this site to reassure – so glad its not just me!

JWM

Anyone please?

Paulgonnabedebtfree

JWM wrote: »

Anyone please?

I might be wrong but I think that once you start offering reduced payments elsewhere, the other lenders soon get to know anyway. So I'm not sure that there is a way out of paying appropriate portions unless you try to pay off the one you want to pay off BEFORE declaring your hand. Apparently there is some rule against giving any of the lenders preferential treatment. I'm not really qualified to answer this properly so hopefully someone else will jump in.

JWM

Thanks for your reply.

I thought that was just with CCCS?

Surely if the other lenders find out that I'm paying less to one, they're not going to say anything if I'm still paying at least the minimum to them?

missyp123

im sure if you are paying your set min payment that is fine, i dont think your breaking any rules by paying one a little more than the other as long as all payments are adheard to. Im sure thats the idea of the snowball calcuclator isnt it?
Theres dmp support board on here and there are lots of poeple you can ask who manage their own DMP's for the same reason you are.

I have a Northern Rock loan which will soon be put as a charge to our house. We have had some rough times once our mtg deal ended but kept them up to date and we made what token payment we could. They mentioned a payment plan to us and when we went a budget 6 months ago they would 'nt accept our offer of £70 per month (should be app£340).
Now we have less available due to childcare costs and they have accepted £10 with a charging order.

They didnt want to help reduce intrest etc. When i spoke to them they said they will almost always get the debt 'secured' on your home.

dont know if this help?

missyp123

sorry to be a pain,,,,
i remember one suggestion was to save your money rather than pay direct to one creditor, that way you can make a full settlement offer when you have a lump sum?

JWM

missyp123 wrote: »

They didnt want to help reduce intrest etc. When i spoke to them they said they will almost always get the debt 'secured' on your home.

dont know if this help?

Well not what I wanted to hear but certainly what I suspected.

Many thanks