I'm in no mans land any ideas

[swin]

HI I'M NEARLY 2 YEARS IN A IVA PAYING 331 A MONTH BUT JUST HOLDING MY HEAD ABOVE WATER JUST,BUT MY MORTGAGE PAYMENTS HAVE SHOT UP AN EXTRA 200 A MONTH WHICH IS A JOKE AND WHEN I WENT TO SWAP PACKAGES I,M WITH NORTHERN ROCK THEY DECLINED ME SO I,M IN NO MANS LAND ANY IDEAS MANY REGARDS

[MelanieGiles]

One of the three mortgage experts ought to be around soon to answer your post, but they will need to know how much your property is currently worth, and how much you owe to your current lender, and whether there are any other secured charges on the property. How much are you paying for your existing mortgage, and is this based upon a repayment scheme or interest only?

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

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[Welsh Boy]

swin
If it`s your increased mortgage payments that are the concern then I would advise you to contact a mortgage broker who could talk through your present situation and advise accordingly.

There are 3 brokers who regularly post here, myself, Andrew Graveson at Brightoak and Mike from Leybridge and I`m sure all 3 would be willing to assist you. Tony

F.P.C. 1,2,3 Qualified
Financial Planning Certificate
CeMap Qualified
Whole of Market Mortgage Broker
Managing Director : Debt Advisory Bureau
Principal : All Mortgage Products

www.debtadvisorybureau.co.uk
www.allmortgageproducts.co.uk

Directly Authorised with FSA :304244

[ray_a]

I wouldn't panic to much we have discussed this possibility a lot over the last months and you could possibly vary the IVA payments and that could be a consideration!

Good Luck

[mikebdomain]

Ditto - welshboy (Tony Parsons)

[R1chard]

How cums IVA companies dont take mortgage increases into account when preparing a IVA option?

[Skipper]

With 1.4 million coming off fix rate M' payments in 2008, this topic will get a lot of airtime in this forum and elsewhere.

[Adam Davies]

Hi
They should do and anyone setting up a IVA needs to make sure that this is factored into the agreement.
It's ridiculous to not budget for a mortgage that is coming off a fixed rate during the first year or two of the IVA.
Regards

[hymers]

I suggest you write to your IVA company and request their advice be up front and do it now to get this sorted out they will probably suggest writing to the creditors to agree a variation
VERY BEST WISHES
J

[MelanieGiles]

In my practice we always take potential mortgage increases into account when assisting clients to plan their budgets for the forthcoming five years.

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

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp