Hi everyone, just to let you know I had my IVA approved on the 3rd June 2009. The term will be for 6 years because Northern Rock decided they wanted 12 months extra payments. Anyway, I just have a couple of questions, my mortgage fixed rate is due to end in 2012 what will happen then due to the fact I am now in an IVA? Also I am due for a pay rise in July could I negotiate to keep this has this is probably the only one I will get?
Well done on your IVA being approved, that's great news.
As to your mortgage, I think that is something you will have to look at closer to the date. You may be able to negotiate a new fixed rate, but of course it depends on how the economy is in three years time.
You will have to speak to your IP about the payrise. You may find that they won't want to do anything about it until your annual review.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
