After finally being able to relax a bit after having my IVA accepted Halifax have just written to me to inform me they are ending my 'interest only' period.
I phoned them up yesterday to ask to remain on interest only. I explained I was just accepted onto an IVA and the budget had been set and therefor had no further surplus to give them. They said that as I am not currently living in the property they cannot help me and to speak to their collections department.
I spoke to the collections department who also told me they cannot help as I am not in arrears. How frustrating.
The payments are due to increase by £117 and I honestly cannot see a variation meeting being successful. So the options I am now considering are.....
1) Trying to swallow the extra payments and see how it goes.
2) Go for a variation meeting and see how that goes.
3) Ask if Halifax could put me onto their SVR which would mean a 2.35% saving on the mortgage anyway.
4) Cancel the direct debit and just carry on paying the interest only part.
5) Finally accept that I maybe cannot afford to keep the property and hand the keys back.
Does anybody have any other options that I might have missed? Any experiences with this situation themselves? Any strong views on the options I have already mentioned?
I think this is too much of a coincidence, just accepted into IVA and suddenly they doing this!!!
You're probably right and it's not a coincidence! Only your IP can really advise whether a variation is likely to be accepted. 1, 2 and 3 are probably your first options. 4 is likely to result in proceedings being brought against you and 5 would be my last resort.
I would speak to your IP and explain the situation and see if a variation meeting is an option.
Would you be able to swallow those extra payments without struggling too much?
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 am very doubtful of being able to swallow, unless we start seriously enjoying tesco value range for groceries. So it is a bit unrealistic to even consider that but I have to look at every angle i guess.
Speak to your IP and explain things to them - I am sure they will be able to help.
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
Yeah I am going to speak with them on Monday. All the old feelings have come back now though so feeling restless and anxious. Just when I thought I was back on track.
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 Mel, I spoke with a lovely lady in your NI branch yesterday. She has sent Helen an email so she can review everything and get back to me on Monday. Hopefully Sue has been cc'd in that email.
