I am on a two year fixed rate with my mortgage company. At the end of the two years, if I have been approved for an IVA I suspect I am going to find it impossible to find a lender prepared to offer me a better deal.
It will be very hard to get a new one, even people who are not in IVA's are finding it hard.
It won't hurt you to try though.
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
You will do a new I&E anyway, so the increase will need to be put down.
If you are not in an IVA yet, then I think the possible increase in payments should be brought up when you do your initial calculations.
One of the technical experts will advise further.
Of course, in two years time, things might have changed with mortgages anyway!
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
Scott - if you have not yet proposed your IVA, you must make it clear to the Supervisor that your are on a fixed rate mortgage which is due to increase at some stage during the term. I would have thought that your IP would investigate this in any case, but best to be sure.
If you are already in an IVA, then this ought to have been picked up prior to the finalisation of your proposals. If you do not have a "stepped" IVA payment, then you will need to draw this to the attention of your Supervisor as soon as possible to ascertain whether a variation will need to be proposed.
Scott - was the mortgage company aware you were in an IVA? Was your IP aware or buying a home post IVA did you discuss this with your IP?
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
Make sure that your IP takes account of this when calculating the payments for your proposed IVA. It will be critical that this is provided for, otherwise you will not afford the payments in the long term.
Melanie is bang on - vital your IP is aware of future payments after the fixed rate term finishes - good luck
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
