northern rock

clasophlia

Hi,

Does anyone know if northern rock are accepting any ivas?

I am £25000 in debt, £20000 of it being a northern rock loan which although we are up to date on, is crippling us fianancially.

We are privately renting now and this loan was from a together mortgage.

We are literally living on £50 a week for everything now and have 2 kids.

I can't believe how stressed and upset all this is making me, it is taking over everything. Please help me.

debt_doctor

Hi,

Firstly, I doubt whether an IVA is approppriate for you, BR would seem a better cheaper option unless BR threatens your employment or other reason ??

Even a couple on JSA with 2 children would get at over £200 per week with little or no rent to pay and no council tax to pay so we need to look at your income and see if you are claiming the benefits you are entitled, whether in work or not.

DD

clasophlia

we have around £50 sometimes a little more if hubbie gets overtime to live on after all bills are paid.
Tax credits have been stopped but i am looking into that. I think i will have an overpayment on that too as hubbie earned too much last year - overtime to pay off the 1000 pound mortgage we were then paying, but unfortunatly now, there is little overtime available.

I have looked into benefits, i can't even get jsa as i havent been employed for 2 years. I was on maternity and then studying for a year. I am looking for a job now and hoping...

Thankyou for your reply, i will look into bankcrupcy although i find it scary and i dont really want all my family to find out - feel a bit stupid and niave

debt_doctor

If you post up your income and expenditure on here then I could look at whther you could get tax credits, housing and / or council tax benefit.

DD

gtanny

i was in a very similar situation to yourself although i was (well still am till next month/late this month) living in the mortgaged house.

i was reliant on OT for food and with a wife and child to feed this wasnt good and after a couple of months of no OT and paying bills with credit cards i had no choice but to seek advice so i ended up here, im currently awaiting the results for a really nice house in a really nice location (just off the seafront in a local town) while im currently living in a small house in the middle of an industrial and horrible town in a bit of a dodgey area.

anyway to cut to the chase it ended up that as even with a DMP set up i was still struggling so decided BR was the route for me, and with the mortgage and secured debt costing >£700 a month i decided voluntary repo was my best option so were currently awaiting moving out and then im saving up for BR.

just be ready for a bumpy ride the first month you dont pay the debt is a worry but you will be able to live again not just pay debt.

the scariest moments for myself was when they came knocking but just remember they have no rights to enter and DONT!!! let them in and you will be fine.

anyway im going through the process myself so i cant give the great advice these guys can but one thing ive learned since this whole thing started is that its worth all the hassle as im still awaiting the finish but i have a bit of cash free and i have money to not need to spend a weekend at work or do extra night shifts just to pay for food and now those weekends and days off are spent with my wife and daughter enjoying life (its also nice to get out the house, especially as its in a horrid location, just to note when i first purchased the house it was a nice area and in the last 6-12 months its gone down hill rappidly)

good luck and i hope you start to enjoy life again, just remeber money is only a number