URGENT advice for IVA

IainHL

Stressed_NW wrote: »

Hi tell me more, i havent heard anything about this. Thanks.

OK, well presuming that you are talking about an Northern Rock/NRAM Together Mortgage, that the unsecured loan was for less than £25k, (and on your mortgage offer was for less than £25k, even if you didn't draw it all down at the time), then you should be due redress.


Are you still receiving paperwork relating to the mortgage (I notice you say you have moved)? For instance you should have at least received an annual mortgage statement.


Here is the link to the MSE news story: Northern Rock pays £270m to 150,000 after gaffe.
Here is the thread that developed from this: https://forums.moneysavingexpert.com/discussion/4339593.
And for completeness here is the thread that developed for unsecured loans over £25k: https://forums.moneysavingexpert.com/discussion/4342285.


If you think you qualify I would find your mortgage account number and write to NRAM. Personally I would try to avoid giving NRAM any hint I was no longer living in the house.

Stressed_NW

Ok so paid first payment to company last week and they are going to start writing to my debtors for numbers. Informed mortgage company today that doing a voluntary reposession. They werent very keen on me doing this and tried to persuade me otherwise. Theyre going to send me the paperwork out straight away. Feel relieved that the balls finally rolling.

Anondebtadvisor

Did your IVA company advice you not to sign the forms from NRAM as they contain a deed of acknowledgement?

Stressed_NW

I cant remember but will ask. I havent signed anything yet from Nram. Whats a deed of acknowledgement please?

Find_The_Real

It's a form sent out when people want to VR basically with a tiny clause in it saying you are liable for any shortfall once the property is sold. There has been some debate over whether is ok or not to sign before BR or IVA but most people err on the side of caution that seeing NRAM are sneaky, not to sign.

However this quite often means NRAM will not accept VR without it and so you will have to wait for them to commence repossession proceedings, meaning in the meantime you are still liable for council tax and insurance on the property. Not sure on time scales with a repo order with them at the moment but mine took almost a year so you need to be prepared that this may happen.

Due to this issue and not knowing the shortfall amount until sold is why I went for repo before I applied for an IVA, yes you have to wait longer to sort out your debts but it can be easier to deal with any outstanding amounts once the house has been sold.

Stressed_NW

Ok i get that. Car is worth 6-7k. However only had it about 18 months on a 60 month hp, so still in negative equity with it. Its 5 an half years old so by time its 8n equity it'll need changing lol. Also need car as work shifts and work is 40 miles each way!

Stressed_NW

Also my IVA company did say that they would negotiate the shortfall with Nram prior to house being sold and this is quite common.

UpToMyNeckInIt

Stressed NW,

Check with your IVA firm, but I think many allow you to retain the HP on a 'reasonable' car (which yours sounds like it is), and even to fund a balloon payment at the end.

It did not apply in my cases, so not sure how this works exactly, but worth enquiring.

Best of luck.

Stressed_NW

Hi UTMKII

Yeah they said should be able to keep car. Which is quite understandable as if no car then no job, then nothing gets paid lol. Just gathering together all the info they need then they can write to all debtors and start drafting. Will keep you all informed. Feel like a weights been lifted already.

FiatFan_2

Hi Stressed NW,

I would expect you'll have no bother keeping the car, we got to keep ours 10k+ and were 12/48 payments in when we went iva. They have calculated that when the car is finished being paid out we'll then pay the difference into the iva pot for the remainder of the time.

The cars were our biggest expense, 95miles a day between them :-/