Fixed rate ends next month.

[baldy]

Thanks Melanie,i have gone over the proposal loads of times and even said to them before signing that there was no reference being made as to what would happen when the mortgage finnishes the fixed rate term.

Looking through the 2010 protocol it looks like the limit that your IVA payment can go up are by 50% of the original amount so im hoping that might be the case.

I know im not going to get a clear answer until the time comes to pay the next payment when we tell them our payments have gone down by £300.

I remember you making reference to being in the spirit of the IVA paying back as much as possible,so i feel they will say to themselves they have enough for their budget so they can pay the lot into it!!
I would like to stress i do not want to keep the lot!!!!! just a bit of it to take the pressure off.

I will put a post on here as soon as i get a answer.
"Windfall" unexpected good luck.(Food for fault!)I was expecting this[:D]
Baldy

[andrea1968]

You can have a full review of your income/expenditure at any time-we had 2 in the first 5 months-husbands pay rise,my benefit going up etc.
When our iva was approved we couldnt take all the allowances because figures were so tight,BUT-we had enough to manage and werent struggling.We knew hubby would get the odd bonus and enhancement on his wages so half of that goes away for savings.
when income increased our iva firm went through the guidelines and we added expenditure which we previously didnt claim for.
and the cost of living has shot up since our approval,this has been taken into account and so we dont pay any more than the original monthly payment.
We know the spirit of the iva is to pay back as much as you can to the creditors and we are doing this,but are also aware of the true cost of living and luckily so are our iva company,we do need more than the archaic figures which are set out in the guidelines and our ip agrees.
We do want to pay back as much as possible,but would never struggle to do this.

[andrea1968]

truth is-there is no love lost between us and the creditors-7 months on dmp and they wouldnt freeze interest and charges.
If they had been more flexible they may well have got more of their money back,they had their chance and we had no option than to go for the iva,we would have took the dmp to our graves.

[kallis3]

Same here! They did freeze the interest and charges but it would still have taken us well into our 70's before it was paid off.

[baldy]

Hey Andrea1968 thanks for the beatmy debt site.com, it was really interesting looking at the budget allowances. To be honest looking at ours the only things i feel that need adjusting is a small increase in the fuel allowance, and our water bill has gone up which ive got proof of.

I had never seen that site so many thanks and will keep an eye on that one too!

Yeah, your right there is probley no love lost between most of us and the crditors. But i have been critisised before on here for not looking at them in a nice way!," you didnt have to take all the credit they were offering you" was one of the replys, so i feel i need to not say too much about them!

We have found 1 or 2 of our creditors especially Nationwide really really helpfull, and yet 7 months into our IVA i know that 5 of our creditors have still NOT even put in a claim, one being a pretty big debt.
Its like you say about the DMP most of them dont care a monkeys about whats going on in your financies etc its more"show me the money".

Hope you get on with your IVA and will have to keep in touch through the next 5-6 years!!!Not sure what we would do without all the people on this site, just full of knowledge and support.

When we find out how our extra income works out will put a post on.

Many thanks

Baldy & Family

[:)]

[kazzafunk]

Hi Baldy,
It may be best to do a completely new I&E, as you say with the price of fuel and food it's not going to always stay the same. The figures on the beat my debt site are the guidelines and if there is justification for increased allowances they can be considered (our fuel is higher due to the remote area we live in and we have no public transport).
Sorry you thought you were criticised on here. Sometimes answers in print can seem blunter than intended. I must admit I feel that my creditors have let me down over the years. It IS my fault for using the credit I agree, but the amount they threw at us was ridiculous.
Keep posting and let us know how you get on.

[andrea1968]

Baldy-there is nothing wrong with you giving your opinion on creditors and dont feel you should apologise for any comments you may have made about them.Everyone has their own experience of the way they have been treated in the past,yes,we are all adults and we all willingly borrowed the money,but how creditors react when circumstances change and we run into problems servicing our debt can often be a horrendous experience.
Our situation was we both had well-paid jobs,never missed a payment to anyone,I became ill and suddenly we were a wage down.
I worked in the credit industry and did try and speak to all our creditors,explaining our situation and tried to come to some arrangement with them whereby we could agree reduced payments.
I was self-employed so the week I finished work was when my wage stopped.
I hit a blank wall,so we sought professional help in the form of a dmp-as I have said that was a road to nowhere and we finally admitted defeat and went for the iva.
The creditors wanted proof that I was too sick to work,I had to send them all copies of a letter from my doctor stating this.
Who in their right mind gives up a well-paid job (which they love) to go cap in hand to their creditors.
I was disgusted at their reactions,as was my GP when I asked for the letter.
Those first few weeks I was going through agony,both mentally and physically - the creditors do not see us as human beings-a number of them werent satisfied with the payments we could afford on dmp and the harassment continued.
We had the philosophy of work hard,play hard-we had the luxury holidays,extensive work done on the house,anything we wanted we wanted there and then.
and for years,because we had the money coming in,creditors happily lent us the money because we could pay it back.We would pay off loans,immediately be offered another one,we were accepted for a together mortgage-125% of the value of our house,when we already had a secured loan running!!!!!
We never worried because we could afford it,no-one can predict what will happen in the future.
But-when the s**t hit the fan, all those years of paying on time,every time, dont mean a damned thing.

[andrea1968]

Sorry for that rant everyone!!!!
Now wheres my pills!!!!

[kazzafunk]

Rant away andrea!!! I don't think any of us thought we would not be able to pay back our debts until the s**t hit the fan. I used to double my wages in overtime and expenses until someone decided to use my car as a battering ram from behind!!
Take those pills - I have and it's only 11.10!!

One final note from my fave advert at present - I don't like tea, I like gin!!!

[baldy]

Hey, i dont mind people having a pop at me now and then! We all have different outlooks on money and credit so we are not all going to agree with everybody all of the time.

The thing i like about this site is because there are so many people on here with different views it some times give you a different way of looking at your own issues.

I will sit down and go over our I&E this week and make sure everything is adjusted that needs to be.

Thanks again

Baldy

[MelanieGiles]

If your IVA is in accordance with the IVA protocol, you can rest assured that you will only need to hand over 50% of the mortgage saving - but a word of caution. Interest rates are bound to go up within the next 12-18 months, so if I were you I would put the other 50% into a savings account in case it is needed to supplement higher payments later on.

[baldy]

Hi Melanie many thanks for that info.Keeping 50% of the saving would be nice, and as you say it would be silly not to put it into a saving account to help if there is a change in the future.
Our mortgage company has told me that for every 0.25% increase in the bank of England base rate our payments would go up by £23.

Would it be a good idea for us to have a budget review now as our supervisor has offered or wait until our first year review which is due in October? There is a small increase in fuel and water bill(on a meter), but i feel we can suffer that until October.

I take it that once we have our yearly review in October our 50% split of the mortgage saving would then have to be paid in?

Many Thanks

baldy

[andrea1968]

Sorry Baldy-slightly off subject-I love that ad Kazza-reminds me of my late nanna with her whisky!!!
She always swore it could cure anything-helps you *sweat it out* was her excuse.

She would make us hot toddys when we were kids if we had a cold coming on-whisky,hot water,sugar and honey!!!!
My mam used to go mad when we came home smelling like a brewery,from about the age of 6!!!!!
aaahhh-the good old days, sadly, I cant touch a drop now (doctors orders).

[back on track]

any news of how you went on with this baldy?

[baldy]

Hey sorry for the delay!!!. Next months (July) payment will be the first payment at the new rate.
We have just got the letter from our mortgage company cofirming the new payment. So im gonna send a copy off to them and wait and see what is said.

Will let you know what the outcome is as soon as i get a reply.

Baldy