Hi Jack54

Northern Rock are dealt with by IVA Watch (Grant Thornton) in Belfast which is of benefit as they work to a certain criteria to agree to have Trust Deeds protected. Therefore as long as the IP prepares the proposal and ticks all the boxes, then I don't foresee any problems.

I have a couple of cases with together loans and further borrowings and these were protected by following the guidelines.

I assume from the information that there is no equity in the property, so on the face of it, it may be more straight forward than you think.

Hope this helps.

Mark

Thank you Mark. I just need to get my wife up to speed with whats going on. She knows things are bad but thinks we can work through it.
The way I see it is we're only delaying the inevitable and leaving ourselves on the bread line in the meantime.

With regard to the N.Rock Together Mortgage, I gather that the unsecured part of the mortgage has to be included in the Trust deed. What happens to the Secured part? Is there anything that N.Rock can do,
e.g. calling in the mortgage, upping the interest etc. We are on a 5 year fixed rate of 5.99% which will revert to the SVR in March next year at the end of the deal. If in a Trust deed will N.Rock amend the d/debit for the secured amount only.
Another worry for me is the inevitable phone-calls when preparing for the trust deed and waiting for it to be protected. I can just about handle them at home, but I have a pretty responsible hospital job with not a lot of privacy to take calls. Is there any way that these can be prevented.
I know I've asked a lot of questions here, but you'll gather this is all new to me.

Thanks

Hi Jack54

Yes, the unsecured 'together' loan would need to be included in the Trust Deed. Nothing will happen to the secured part and you will need to keep paying this. They will not go for repossession because of the unsecured element of the loan.

In Trust Deeds, NR will continue to deduct the unsecured part until this is protected and then they will stop taking the payment. Any money deducted for this in the 5 week period will normally be returned to you.

Re the calls, once the Trust Deed is signed, if there are continued calls, let the IP know. We have faxes which we send with a copy of the TD and this is normally sufficient to stop them fairly quickly. I always advise to tell creditors that you have signed the Trust Deed and legally can't discuss this with them and ask them to call the IP.

No problem at all re the questions. Better to ask than not.

Mark

When in a Trust deed and a PPI claim is successful does all or part of the money go to the trust deed? One more if you'll bear with me. A large part of my salary is overtime and call out payments. However regular this has been, it is not guaranteed. Is the basic salary only, taken into account when preparing a trust deed, with a part of the overtime being paid towards the trust deed?

Hi Jack

My own thoughts on PPI claims by a Trustee are that there is a conflict as they would be acting for and against the creditor. The claim would therefore require to be taken up by the individual. If this was successful, then part of that payment would come to the Trustee. My advice would be to get the % confirmed before doing anything.

The contribution would be based on an average monthly income and agreed at a figure which is affordable, workable and reasonable to creditors.

Hope this helps

Mark

Thanks Mark you've been a big help. The point I was making about the PPI claims is that I've got three claims pending at the moment. I am hoping that I will get a substantial amount back within the next few months, which could make a big difference to the big picture.

Thanks Again

Jack

Hi Jack

no problem. Glad to help

Mark