Northern Rock Together Mortgage & DMP

Alpinestar_2

Hi all

I hope someone can help me as I'm really stressed about all of this. I'm about to start a DMP with CCCS (who have been great). I have a NR Together mortgage and I have not disclosed the unsecure part of the loan on the DMP. I had thought that it was part of the mortgage as it is not seperated (pay single amount), so I've naturally entered the total figure for my mortgage.

To make matters worse, I have also taken out a unsecure loan out with them... Reading stuff on this site and other sources, it seems that NR would want to go straight to court and put a charge on the house for the loan part of my mortgage. I can understand this as it contribute to the total amount of the purchase price of the house. So basically I'm in a pickle (putting it mildly). I know I'm in a mess and in serious debt, please can someone help me !!!!!

Do I disclose the Together loan as unsecure, and wait for the battle ahead

Having a personal loan out with them aswell, will they still want to go to court and put a charging order on my house.

Alpinestar_2

anyone ???

johnnymiller1000_2

ive got the same mortgage as you with an "unsecured" loan. surely as its an unsecured loan it should be treated seperately, unless im missing something?

rayday2

I would ring CCCS and explain just as you have to us that you did not realise and see what they say. If NR do do as you fear you would want CCCS to know all that they can about the debts.

Have you been in the DMP support thread - there are lots of people with CCCS and several with NR so they could help more.

Alpinestar_2

@johnnymiller1000
It is unsecured, but my mortgage payment is a combined amount. So I don't pay separately for that.

@rayday2
Hi Rayday2, have been going thru the DMP support thread, have got to pg 54 of the 3rd thread. Just getting really nervous now. Called CCCS and they are sending me a template letter to send to NR to separate the unsecured loan. They have recommended that I do this before the DMP starts. Just wondering if anyone else has gone thru this and any advise. I will post in the DMP Support thread too.

rayday2

Bless you thats a lot to read! Don't feel you have to read it all though just jump in where you want but some people like to see they are not alone.

I haven't dealt with any of the companies you mention but you have done the best thing contacting CCCS and they have advised you what to do. So that just leaves us to boost your confidence. Everyone feels nervous until there DMP is set up but just remember what you are doing is being very responsible, you are stopping the cycle of borrowing and starting to pay back. Good luck and I hope someone can help more specifically.

Alpinestar_2

@rayday2
Thanks rayday2 , have posted in the DMP Support. Hope someone can advise me

peb

Northern Rock can, under the terms of teh MOrtgage Deed, add the unsecured element to the secured element and make it all secured. I think from previous posters that they do this as a matter of course. So what it will probably mean is that the DMP will not include Northern Rock at all. They will not need to go to Court to put a charge on your house (a charging order) as they already have a charge for your mortgage which is carefully worded to include any other borrowing.

However CCCS will had to advise you how on this; it may simply meant that the disposable income is different.

missyp123

i am at the start of our dmp (yet to make first payment).
Our mtg is the same as yours (£105k remains as mtg, £30,500 as unsec loan).

We called Nr before we sent budget off, double and triple checked on our signed terms and conditions that it WAS unsecured. They were ok, they sent us out a standing order mandate so we could pay mtg section. We usually pay by d/d on 1st each month but they said as this was cancelled and we will pay by s/o it would'nt need to clear untill the end of june! so we gained £650 which went straight into savings.:D

I do belive they will put a charging order on the house, as thats what i am seeing allot of on here. But we plan to pay it off as soon as possible as thats all we can can do.

good luck

pm2326

peb wrote: »

They will not need to go to Court to put a charge on your house (a charging order) as they already have a charge for your mortgage which is carefully worded to include any other borrowing.

Hi just wanted to point that if NR want to secure the unsecured loan they will have to go to court to put a charge on your house for the unsecured part of your together mortgage. once this is done they will stop charging interest but if/when you come to repay it you will be charged the courts rate of interest, normally 8% per day!

Alpinestar_2

missyp123 wrote: »

i am at the start of our dmp (yet to make first payment).
Our mtg is the same as yours (£105k remains as mtg, £30,500 as unsec loan).

We called Nr before we sent budget off, double and triple checked on our signed terms and conditions that it WAS unsecured. They were ok, they sent us out a standing order mandate so we could pay mtg section. We usually pay by d/d on 1st each month but they said as this was cancelled and we will pay by s/o it would'nt need to clear untill the end of june! so we gained £650 which went straight into savings.:D

I do belive they will put a charging order on the house, as thats what i am seeing allot of on here. But we plan to pay it off as soon as possible as thats all we can can do.

good luck

Thanks for that.

Did you just phone NR and ask for them to separate the unsecured loan ???