i feel too ashamed to ask

[bilen]

hi myself and my wife have been on an iva since late lat year. we pay £250 a month, my rent is £400 a month as well other payment such as council tax & tv licence, school holidays etc a month on a £750 wages a month. we really want a mortgage. is their anything we could do as i feel too ashamed to ask a lender and uncomfortable to speak to someone dfd.

[MelanieGiles]

Hi bilen and welcome to the forum

You would need to have at least a 10% to 15% deposit to purchase a property, and would have to get a sub-prime lender who would charge you a higher rate of interest. I do not feel that you would get much of a mortgage for £400 per month, so this is probably better left until the IVA has concluded.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[bilen]

Hi bilen and welcome to the forum

You would need to have at least a 10% to 15% deposit to purchase a property, and would have to get a sub-prime lender who would charge you a higher rate of interest. I do not feel that you would get much of a mortgage for £400 per month, so this is probably better left until the IVA has concluded.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

hi Melanie. thanks for your welcome and response

i completely agree it would be very difficult to find a mortgage for £400.00 per month but what i did not mention was that we recently received some unfortunate news from our landlord that he may be selling up to move abroad which means we would need to find another property but would now cost us at least £540.00 per month and are unsure if our monthly iva would cost us the same which would make it difficult.
kind regards, bilen

[MelanieGiles]

This will affect your IVA payments, so best to speak to your IP as soon as possible.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[iva_squirrel]

Good morning bilen,

Welcome to the forum.


The procedure does allow the terms of the IVA to be varied to reflect a change in circumstances provided the creditors agree. It’s important that this doesn’t happen too quickly after the start of your IVA because you won’t have had the chance to demonstrate your commitment to the process and the creditors may question your judgment at the start of the IVA. I suggest you speak to your IP as soon as possible.


Regards,

Julia Simavi

Shortlisted with special commendation for Debt Counsellor of the Year by Credit Today Awards 2007

View my profile:
http://www.supersonicsquirrel.net/julia ... rofile.asp

Visit my website:
http://www.supersonicsquirrel.net

Credit Today Awards 2007 http://www.credittoday.co.uk/awards/winners.htm

[bilen]

Good morning bilen,

Welcome to the forum.


The procedure does allow the terms of the IVA to be varied to reflect a change in circumstances provided the creditors agree. It’s important that this doesn’t happen too quickly after the start of your IVA because you won’t have had the chance to demonstrate your commitment to the process and the creditors may question your judgment at the start of the IVA. I suggest you speak to your IP as soon as possible.


Regards,

Julia Simavi

Shortlisted with special commendation for Debt Counsellor of the Year by Credit Today Awards 2007

View my profile:
http://www.supersonicsquirrel.net/julia ... rofile.asp

Visit my website:
http://www.supersonicsquirrel.net

Credit Today Awards 2007 http://www.credittoday.co.uk/awards/winners.htm

good evening julia
thanks for your advice.
regards, bilen

[bilen]

good evening.
i have just been chatting to online mortgage advisor to see weather i would be given a mortgage if it was agreed with debt free direct. i was told that i could be given a mortgage for 15% deposit of the property value. if i had that kind of cash i would pay my iva off.
it makes me question weather i would have been better off not being on the iva as i have just been told that i could have had an mortgage for 5% even with ccj and bad credit.
will i have issues like thes to deal with once my iva is over.
please please i need advice.
regards
bilen

[MelanieGiles]

Once your IVA has completed, you may well get a better mortgage deal than currently available to you. I really do not see this working out for you whilst the IVA is ongoing - and please don't blame the IVA for this. At the time you entered into the IVA presumably it was a godsend to take the pressure of your debt away from you. How would you have ever managed your debts without being in the IVA?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk