Debt (All Lenders)

The is little that hasn't been written or said about Northern Rock in recent months, and most of it is not good. Despite the various initiatives and Government intervention there doesn't seem to be a lifeline being thrown to those people who have mortgages with Northern Rock who are now facing difficulty. But is isn't just Northern Rock customers that are now facing problems, please read on...

The problem for the consumer

It would appear that many lednders were keen to sell high LTV (loan to value) mortgages up to125% of the property value. The theory behind this would seem to be that with property values increasing it would not take long for this percentage to reduce in real terms, ie as the property value increases the LTV reduces against that increased value.

BUT, clearly at the time the mortgage was taken out the extra 25% of the loan could not be secured against the property (because the security was not there) so was offered as an unsecured loan.

The best laid plans of mice and men

Of course, what has actually happened since is that property values have started to fall. Borrowers are now saddled with negative equity (where the property is worth less than mortgage secured on it) as well as a large unsecured loan to pay off. With inflation kicking in on fuel bills, in the supermarkets and on garage forecourts who is helping these people? Certainly not companies who lent the money in the first place!

Is there help out there?

Yes, but you must act quickly. Burying your head in the sand and ignoring any demands for payment from creditors will only make matters worse. Assuming your first priority is to keep your family home (which you would have difficulty selling if you are in negative equity anyway) we can help!

How can you help?

The critical factor here is the unsecured debt and your affordability to pay. If your total unsecured debt exceeds £15,0000 and 3 or more creditors (so apart from the unsecured loan, any credit card debt or bank overdrafts) we have specialists who can negotiate with these creditors to write off much of this debt. This is called an Individual Voluntary Agreement (IVA) and the creditors will look at what you can afford to pay and negotiate part payment of the unsecured debt whilst allowing you to continue to pay your secured debt (ie your mortgage) and keep your home.

The IVA will usually be calculated over a period of 3-5 years. But, if in that period, property values do increase you can remortgage yourself out of the IVA early. Our specialists will keep in touch with you over this period to notify you if they think this would be to your advantage.

What other options are there?

There are other options that are available. If you do actually have equity in the property you may be able to remortgage with a different lender. If this is the case please click here to complete our remortgage enquiry form. Otherwise, please complete our NO OBLIGATION form below and a specialist will call you in strict confidence very soon.

Please tell us about yourself

Title

---Please Select--- Mr Mrs Ms Miss Dr Rev

First name*

Last name*

Date of birth*

Day Month Year

Postcode*

House Number*

Address Line 2

Town/City

Telephone*

Mobile*

Email Address*

Is this a single or joint application?*

Joint    Single

Title of second applicant*

---Please Select--- Mr Mrs Ms Miss Dr Rev

First name of second applicant*

Surname/family name of second applicant*

Date of birth of second applicant*

Day Month Year

Is the second applicant aware of this enquiry?*

Yes    No

Your property and mortgage details

Residential status

---Please Select--- Homeowner (Own Outright) Homeowner (With Mortgage) Tenant Living With Parents

Approximate value of your property(£)*

Approx. mortgage outstanding (£)*

Current lender*

Please Select.. Abbey Accord Advantage Alliance and Leicester Associates Bank of Ireland Bank of Scotland Barclays Birmingham Midshires Blemain Finance Bradford and Bingley Bristol and West Britannia Building Society Britannic Chelsea Building Society Cheltenham and Gloucester City Bank Financial Services Clydesdale Bank Coventry Building Society DB Mortgages Edeus First National Mortgage FNB Future GE Money Lending GMAC - RFC Halifax HSBC IGroup Infinity Intelligent Finance Jim Whites Kensington Mortgages Lancashire Mortgage Company Leeds Building Society Lloyds TSB Money Partners Mortgage Express Mortgage Works Mortgages 4 Mortgages PLC National Guarantee Nationwide Natwest Newcastle Building Society Northern Rock Platform Home Loans Preferred Mortgages Salt Southern Pacific Mortgages (SPML) Swift The Mortgage Lender (TML) TMC Tattenham Welcome Woolwich Building Society ..Other lender

Approx. amount of any secured loans (£)

Approximate total amount of unsecured loans (inc. credit card balances & overdrafts) (£)*

Number of creditors for unsecured loans

---Please Select--- 1 2 3 4 5+

Your circumstances

Please tick any of the following that apply to you.

Have you or the joint applicant had a CCJ in the last 3 years?

Have you or the joint applicant ever had an IVA?

Have you or the joint applicant ever been declared bankrupt?

Any other information

Please add any other information that you feel may be important here.

Financial Compensation

IMPORTANT: You may be entitled to £1000s in compensation for previously mis-sold financial products such as PPI, Bank Charges etc (on average, each enquirer has 5.5 potential claims). Don't let the banks and financial institutions keep your money to pay themselves massive bonuses & pensions with! Remove the tick if you do not wish to receive information about this service.