IVA Payment Change

[DebtDummy]

Due to the interest rate increasing I had to change the amount of my mortgage on the IVA draft proposal. Gosh, now the monthly IVA amount is less. Will this be takien into consideration and adjusted accordingly AND will it decrease the chances of the IVA being accepted? Also, I still do not have my CRB back but I still have my future employer waiting for it. She said she understood and it's not just my application that is taking longer than the usual 6-8 weeks to be completed.

I also had a question about BR. If we absolutely have to do one as there is no other way forward [:(] can we remain in the house for a few months until we can find a rental? If the OR allows us to stay do we pay the original mortgage or a lower amount?

I do realise, thanks to people here, with a BR there are now *ex-creditors* which the mortgage company would be one of. How could they still charge the same amount AFTER a BR if this is the outcome?

Thank you for answering one and all.

All I have left is my humour.

[accgroup]

Hello

Your new mortgage payment should be taken into account, make sure your IP is aware and that your proposal is correct before it goes to creditors. As long as your IVA proposal is still viable with the increased payments taken into account, and your IP will be able to advise on this, then your IVA will still have a chance of being accepted.

If you have go bankrupt then you will be given time to find alternative accomodation, your house will not be sold immediately, you can remain in the property until it's sold. Your mortgage company is a secured creditor - they have a charge against the property and so they are different to your other creditors which is why you have to continue to pay them after a bankruptcy order is made. If there is a chance you could keep your property in bankruptcy (if a third party is willing to pay the OR or Trustee in Bankruptcy for the equity) then it is important that you maintain the mortgage payments to prevent the mortgage company taking action to recover their debt. The creditors that are included in the bankrutpcy are called unsecured creditors - so they do not have a charge over any of your assets and are entitled to be paid out of any assets you have which are not preserved for secured creditors.

Hope this helps



AccumaGroup - A large insolvency practitioner service based in Manchester.
www.accumagroup.com