Mortgage Payment reduced

[na70]

my mortgage fixed rate has ended and im moving to SVR which means my payment will reduce by £117.60.

how much of this will i have to add into my IVA payment?

im also concerned about what happens if/when interest rate rise and impact on my ability to maintain Iva payments.

just posted info off to Mel's team and await some feedback in meantime.....

[liamjames]

Is this information included in your iva proposal? Melanie would normally see this coming and make provisions for it.

[na70]

i'll wait on hearing back from Mel and co,im just impatient!!

[Adam Davies]

Hi
I would think that you payments will increase into your IVA although this may not happen until your annual review. If interest rates rise your IVA payments would be reduced by your IP, they have the authority to do this back down to your original repayment level and possibly further.
Regards

[back on track]

if i remember back to another thread mel said if this is the only increase then only 50% of it is expected to be paid over.

[leaKybrain]

we are due the same thing in april next year plus a pay rise, and of course usual sorts of things going up. We will be likely to have an early review to sort it all out.