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kevywevy
Junior Member
United Kingdom
201 Posts |
 Posted - 05 September 2009 : 14:03:33
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Hi
I have a Northern Rock mortgage and also a personnal unsecured loan with them which is collected as one payment every month.
I have a court date booked to go BR on the 16th September,I have not payed the personnal loan for this month and asked the telephone operator at Northern Rock to take a payment to cover the full amount of my Mortgage only.
My question is ,
Do Northern Rock have any more powers because i have both a mortgage and personnal loan with them ?
they constantly group both payments together in any correspondance they send me including the latest default letter regarding me not paying this months loan payment.
I am not behind in my mortgage payments
I wouyld be grateful of any advice to help with one less worry
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RHB
Senior Member
1159 Posts |
Posted - 05 September 2009 : 15:05:18
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| I suppose if you owe one company money it is up to them what they offset payments off BUT once you are BR they can't take your payment against the unsecured part of the loan. |
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kevywevy
Junior Member
United Kingdom
201 Posts |
Posted - 05 September 2009 : 16:03:01
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Thank you for your help,im guessing this might be the case but just wanted some peace of mind .
If an expert could also please advise i would be grateful |
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Overspent
New Member
66 Posts |
Posted - 05 September 2009 : 19:40:52
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Hi Kevywevy
before we went bankrupt we entered into an IVA............with a Northern rock together package..we had to continue paying the mortgage and unsecured part until approx a month before the IVA went through.(wrong as it technically meant we favoured them as unsecured creditors...but clever old NR made it difficult to do otherwise). Our payment was due on the 1st of the month and our iva was passed on the 17th . we did not pay the unsecured part of the loan on the last 1st before IVA due to complete..and a few weeks later we had a letter saying we had only paid part of our mortgage..........what they had done was share the current mortgage payment across both loans, making it look like we had not paid our mortgage in full but had paid the unsecured loan in full and were technically in mortgage arrears. luckily by this time, our Iva had gone though so I rang them and exlained about IVA etc and they moved the monies across to the mortgage (according to my IP, this had been happening quite alot for NR clients at that time (last summer). Since then I lost my job twice and we've ended up having to go bankrupt and are hoping to buy the BI. I guess the moral of my story is it is possibly best to leave it to the last payment before your bankruptcy to stop paying the unsecured part. having said that..we needed NR to play ball at the creditors meeting, whereas it is not really relevant when going bankrupt...BUT you don't want your mortgage to look like it is in arrears if you can help it.
I'm not an expert but have had an experience of the together loan, so thought I would share..if this helps at all.
xx |
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kevywevy
Junior Member
United Kingdom
201 Posts |
Posted - 05 September 2009 : 22:32:55
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Thank you Overspent for your reply
I must say i have found Northern Rock very helpful ever since i took the mortgage out with them and even when i have been late with payments in the past .
Your advice about not paying the unsecured payment near to my Br fits in with my current situation spot on ,i only have just over a week till my Br and im guessing that even if any of my creditors wanted to do something the Or would beat them all to it.
Saving for Br is the hardest thing in the world to do when i am already scratching arouind for money hence why i am using the unsecured loan paymaent money due for NR
I cannot wait for the pressure relief valve that Br gives to cut in,onwards and hopefully upwards.
I hope your life is already getting easier for you
xx |
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Jane.l
Average Member
511 Posts |
Posted - 06 September 2009 : 09:11:04
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| I would advise paying them by standing order NOT direct debit, this way you have control of the amount NOT them, you can specify the amount that goes off your mortgage, with a direct debit, they can just help themselves |
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Overspent
New Member
66 Posts |
Posted - 07 September 2009 : 20:02:01
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Hi Kevywevy...it definitely does feel like a weight has been lifted, will feel better once we have know we can keep the house but the ball is rolling already. As for NR..I do have a tendency to agree with you..they are getting better in some ways.. they have certainly been fine with us recently...last year things were different..having said that i think it is only with IVA's they have a tendency to be difficult and will only accept IVAs over 6years plus rather than the standard 5.......bankruptcy i guess they would rather you keep paying the mortgage rather than they lose more money by not being able to recover it through the sale.
jane made a very valid point...you MUST change your payment to standard order otherwise they will take what they want.
Good luck with your court date..I promise it is no where near as bad as you think..the worse part for us was waiting in the car for the court to open.
xx |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 07 September 2009 : 21:49:43
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Good to talk earlier
hope it made sense and is of some help
Good luck
Paul
Paul Johns
Bankruptcy Specialists
Reviva UK
www.revivauk.com
Real People ..... Real Debt Solutions |
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kevywevy
Junior Member
United Kingdom
201 Posts |
Posted - 09 September 2009 : 21:49:39
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Just wanted to thank Paul from Reviva UK for taking time from his busy day to answer some of my questions and quash some of my concerns.
My court date is next week ,im still nervous but less worried.
Thank you Paul for your help
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mortgage company
