I have today had my IVA approved through Debt matters. I am currently in a fixed rate mortgage with Northern Rock at a fixed rate of 6.49%. This is due to expire in May 2010. Currently the standard Variable rate is 4.79%, meaning i would be saving about £210.00 per month on a mortgage of 190K. I am due to do on this rate once my fixed rate expires. Would they charge me a higher rate, and would i need to pay tye saving to the IVA.
As to the mortgage, I wouldn't worry about it yet, who know what will happen in the next 12 months.
If you do end up paying less towards it, you may find that some of the savings need to be paid across to the IVA. You would have to speak to your IP about this once your fixed rate ends.
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
Well done
Any savings in mortgage costs will increase your disposible income and hence IVA payments. However when the time comes you will fill in a new income and expenditure form and you may find that increased expenses will eat up some of the saving
Regards
Hi Hoovermelon, just wanted to congratulate you on getting your IVA approved..hope you will continue to post as you will get a lot of help and support from everyone on the forum...xx[:)]
IVA accepted 13/11/2008..17 payments down,55 to go..
