Mortgage payment break?

[scoobydooby]

Hi

has anyone ever taken a mortgage payment break during an IVA?

It's been one thing after another this year with having to pay for extra things and we've reached pretty much breaking point.

I got paid yesterday and (allowing for all bills and direct debits) we have £330 left for the four of us to cover food and petrol (and anything else that crops up) until the next payday. I need around £60 a week to get to and from work.

Except it would be £330 if it weren't for the fact that my wife's car failed it's MOT yesterday and we've told it will take £200 to get it into a state where it will pass.

That would't be so bad if my own car wasn't parked on the drive becuase it has packed up (again) and I can't afford to get it fixed.

We are already over-paying my IVA by £65 a month to cover costs incurred by having a to buy a new washing machine and a new cooker a few months ago.

I know we're not alone in having to face all these struggles...

ANYWAY - I was wondering about approaching my mortgage company to ask about missing a payment (or making a reduced payment). It is the only outgoing we have that could make a significant difference to our bank balance.

[Hoovermelon]

Hi

I have had a couple of mortgage payment breaks during my IVA and they were fine about it

Initially i phoned my Mortgage company and applied and they said that due to the fact i was in an IVA i would need permission in Writing from them

I spoke to them and they agreed no probs, sent an e mail to my mortgage lender and that was that

I think provided you can give a valid reason for why you need it they should be ok

[MelanieGiles]

I don't see why not, so long as you don't make a habit out of it - but most mortgage companies will ask for your IP's agreement in writing before allowing this, as it will affect the equity release at the end of the IVA term.

[scoobydooby]

ok, thanks for your replies.

I don't really want to do it, but can't think of any other way of being able to get hold of any funds.