mortgage holiday payment

[coupleplus1]

Our mortgage allows us to take a holiday month on paying every 9 months, if we take them up on this offer is it likely that we have to give all this money over. The month that we don't pay the mortgage gets added on to the end of the mortgage.

I will give my IP a ring eventually just wanted to have an idea of the answer beforehand.

Thank you!

[Oliver]

You are right to ring your IP as this decision will be made by them. There is no harm in asking though, perhaps you could prepare by explaining to your IP what you might use the money for, car repairs etc...

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

[iva experts]

Hi coupleplus1,

I think the best way forward is to contact your I.P, as they will ultimately make the decision. However I think Oliver has made a good point, if you have things that could be paid with the money this would form a better arguement.

Best Regards,
IVA Experts
http://www.iva-experts.co.uk/

[coupleplus1]

Thanks, thats a good idea about letting my IP know what is going to be spent on. I was going to put it in our contingency fund for those emergencies and problems that always arise.

[Adam Davies]

Hi
That is an interesting one.
By having a holiday payment you are effectively increasing your mortgage debt,thus reducing the amount available to your creditors when remortgaging in year four,and increasing your disposible income for that particular month.
I have a feeling that your IP will not allow it,or if they do they will want that money for the IVA.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[SteveW35]

Hi All,

I had to request a mortgage holiday last year when i had a problem at home. My IP had no problems with me taking a mortgage holiday as my IVA was up to date and i had made additional payments.
Just be honest with them and tell them what the request for funds are for and i'm sure they will fully understand.



Steve

[MelanieGiles]

If you take the "holiday" your IP will want the saved money paid into the IVA, so no real advantage for you, unless like Steve you had a good reason for this.

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

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