can anyone help?

lucieloo

Hi i am new to this forum but i read every day. I have a question about my iva. I am in month 32 of my iva and so far i am happy but i have dug out the paper work today as i do sometimes to help me stay with it lol. I have since found today that my iva is for 72 months wich i thought it was for only 60 and i will ring to find out what is the reason for this but interestingly after looking through the court paperwork ( copies ) they have the wrong address!! is this normal??? they have my neighbours house number. any advise would be greatly received.

Charco_2

are Northern Rock one of your creditors?

lucieloo

hi yes they are?

Charco_2

They will have pushed for the six year IVA - it's standard for them!

Going a guess further (perhaps I'm pushing my luck), you have your mortgage with Northern Rock and a "together loan" too.

They insist that you go Interest Only and that the IVA should last for six years.
(regardless of my second guess though, it will be NR as a creditor who pushed for your 72 month IVA...
Although I'm surprised you're only noticing this 32 months later - should've been discussed at the time!)

Funny, they were the first bank with their hand held out (to the public purse) when the going got tough and yet they are the least helpful and understanding!

lucieloo

Charco wrote: »

They will have pushed for the six year IVA - it's standard for them!

Going a guess further (perhaps I'm pushing my luck), you have your mortgage with Northern Rock and a "together loan" too.

They insist that you go Interest Only and that the IVA should last for six years.
(regardless of my second guess though, it will be NR as a creditor who pushed for your 72 month IVA...
Although I'm surprised you're only noticing this 32 months later - should've been discussed at the time!)

Funny, they were the first bank with their hand held out (to the public purse) when the going got tough and yet they are the least helpful and understanding!

thanks charco and yes you are right, i do have my morgatge with them but my together deal finished a year ago. They have not insisted i go on interest only though. Will i have to remorgatge still? as i have no equity at all. and should i alert them they have the wrong address?

lucieloo

can anyone help me with this please?

Charco_2

If there is no equity then you will not be expected to release equity, your IVA will simply end when you make your final payment... Even if they suggest that there is is equity challenge it unless you also agree that there is equity (remember the 85% rule).

Yes you should correct the address on your IVA, it is not a big issue however so don't panic.

(your IVA, being 32 months old, must have pre-dates their policy of insisting on Interest Only mortgages - lucky you!
I guess I can't be 100% right all the time, oh well ha ha)