Hi We are currently in a fixed rate mortgage but this comes to an end in Jan next year. Our mortgage company say we can enter another fixed rate and need to start planning this with them anytime from October this year. Our question is: are we able to enter into another fixed rate now we are in an IVA?
Great news if you can do another fixed rate frost - go for it!
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
Hi Lizzy & Kallis, hope you are both well. Thank Lizzy thats great news. We are currentky fixed at 2.79% and hope to be able to get a similar rate that way we will know were we stand each month even if the rates go up.
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
lizzy how does payplan address this if there is nothing in your proposal about when a fixed rate comes to an end and you revert back to variable rate and there is a drop in mortgage payments?
mine is also due to drop at end of the year by a good margin and have nothing in my proposal stating what happens.i am on a protocol iva
Last edited by back on track on Fri Jul 15, 2011 2:34 pm, edited 1 time in total.
cc received 6th January 2014 now upwards and onwards
I would think that if your payments drop then you would have to pay some, if not all, of the difference across.
I do stand to be corrected 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
thanks for the reply lizzie
i thought that as its a protocol iva then all thats required if theres no claus in the proposal is to pay over 50% of any surplus gained during the term.
thats what other posters and ips have said in the past.
this covers any further rate rises that come along as well.
will find out nearer the time when i discuss it with whoever is my case worker is at that point.
cc received 6th January 2014 now upwards and onwards
LizzyPayplan wrote:
As Jan said, you would be asked to pay that into you IVA. At Payplan we can look into offsetting theses funds elsewhere in your budget it needed.
Sounds sneaky!![;)]
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
It's not sneaky! Some clients have very tight budgets to begin with so if they suddenly have a little bit more then we can allow for them to have that little bit more to make month to month living a little more comfortable. Obviously all within reason!
I have doubled checked with one of our IP's and he has confirmed that we would take the details of the mortgage payment change during your annual review and you IVA payments would change from then.
Now managed by Jane Clack - Payplan Company Representative
Yeah agree with lizzie - it's just income that is affected by the 50% rule. It's the same for mortgages, rent etc as it is for car insurance etc. If you secure a better deal then it's more for the IVA pot.
Next year when they are all due for renewal I shall be trying to get all insurances down a bit - not to pay more over necessarily but I am sure that fuel, shopping etc will have gone up so it'll be to try and get a bit more on those budgets.
With fuel, as we are so remote, I am thinking twice now before popping out to get a paper at weekends as have worked out that with fuel the paper costs me about £2!!
yes my budget is tight and a lot of my expences are below what we actually use and payplan know this already.
its just that baldy has just gone through this exact secnario and was told its a standard thing to split it in a protocol iva.
when the intrest rates go up in future they would then have to call a variation meeting to lower future payments(we all be in this boat eventually)
luckily i will be able to sort this out at my next reveiw before my rate goes down providing i cant get another fixed rate.
cc received 6th January 2014 now upwards and onwards
I do have to defend Payplan as we have no problems with them at all - we upped most of our expenditure this year and it was accepted with no questions asked.
We will have problems later this year but I'll try and sort it out offline and then hopefully I will be able to post good news
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
i know this is an old thread but just to update and give anybody else some info.
when my fixed rate came to an end and i went onto the svr rate i saved quite a lot.contacted payplan when it had actually reverted and i knew what i was going to be paying for my mortgage and they did as stated in my proposal which was to pay across 50% of any surplus income and i keep the other half.so was quite happy with that.i suppose if it goes up then i got a bit to play with and they got a bit of leeway with my payments now im paying over and above my minimum dividend expected.they was very good and quick with working it out for me and they got the same figure i had already worked out so well done for that.dont know how it will all figure when i do my new i@e at next reveiw.obviosly my out goings will be less that the last reveiw so would i lose the 50% i get to keep now or retain it as part of my future expenditures when the reveiw comes round.
cc received 6th January 2014 now upwards and onwards
