Can Payplan ask for mortgage repayments ?

[plasticdaft]

Remember most mortgages only allow a certain amount of overpayment per annum.

I would imagine this will fall into the windfall category.

Paul

[kallis3]

I've no idea about that - never been in the position where I could overpay!!!!

[luluj]

I would seek to have it taken from the balance of your mortgage if possible - that would really help to reducing the terms of the mortgage and knock a few months of for you.

[Broke of London]

This would require creditor approval if the overpayment is offered as a payout as it is now an asset available to creditors.

[kallis3]

Best thing to do is speak to Payplan, see what they say about it.

[Adam Davies]

Hi
I think the IP/creditors would feel that they are due the overpayment as their credit may have indirectly funded the overpayment prior to the IVA

Regards

[plasticdaft]

Also remember if the money went to overpay the mortgage it would increase equity available for release to creditors anyway. May as well just hand it over.

Paul

[footiemad]

I think you need to speak to you IP about this but am inclined to agree with Paul because whichever way you look at it I reckon the monies will have to go into the IVA pot.x