www.iva.co.uk

Hi all, after loads of advice and support regarding a previous post, I feel nearly ready to enter an iva. My only concern/issue is when my current mortgage deal ends. My question is will I get a new remortgage and if not will I lose my home.

Hiya, when your current mortgage deal ends you will more than likely be put on the SVR as another product won't be offered to you. This is happening to a lot of people and they aren't losing their houses!

Thanks for quick response broke of London

Hi Wicksy,

As BOL says, you are highly unlikely to lose your house as long as you keep up the payments on it.

I'm glad to help. Thinking about an iva is scary, actually entering into and being in an iva is a massive massive relief. It brings it's own challenges but nothing like life before and it was a very positive, in fact life changing, decision for me.

It's a daunting prospect for some but I wished I had been able to do it years ago, as I wanted to. I'd be finishing this year if I'd have the right advice.

Im glad it was a positive decision for you Bol, but following info received I don't think it will be suitable for me to enter an iva after all. I have not missed any repayments on any of my credit and the thought of not getting a suitable mortgage fills me with fear!!!

Wicksy. Hi. I didn't miss a single payment until I entered my IVA (so it took my creditors by surprise!). However, I was using credit to survive, and often drawing on one card to pay another! I should have considered a solution many months (if not years) before, but kept putting if off for fear of the unknown (and head in sand syndrome).

Think carefully, if you can maintain the status quo, all well and good ... if the credit hole is getting deeper month by month the mortgage may be the least of your worries.

Might I suggest you have a word on the phone with one of our experts to at least explore the different options available to you. Contact details can be found at www.iva.com with reviews toi help you decide.

It's an information overload at the beginning and that phone call can make all the difference.

Pretty much the same situation I'm in foggy at present, I have no credit to use so practically have no money to buy ANYTHING at all. I have two loans, car and child maintenance that should all finish in 3 years time and cannot figure out do I struggle on for three years with nothing or bite the bullet and enter into an iva. I can't think straight and wonder if I think of now and enter iva will I regret it in the long run. My head is ready to explode

Hi Wicksy,
The purpose of an IVA is to enable you to repay as much as you can reasonably afford without leaving yourself in dire straits. All your essential outgoings will be taken into consideration ie mortgage etc.. thus keeping a roof above your head and food on your plates. You will have the opportunity to list and discuss all your outgoings with your representative. It is your disposable income that then becomes the payment for your IVA. Please, please pick up the phone and talk to someone. There are some excellent people on here who are experts in the field of IVA's. You will actually be amazed at how much better you will feel, just by making this call. At the risk of being told off, Melanie Giles, and Andy Vincent have excellent reputations on here along with a few others, they and their staff will guide you every step of the way and answer all your questions.

Wicksy, please speak to an expert - you are obviously living on the edge and an IVA could sort you out.

Visit the link posted above and the advice is free and impartial.

When your current mortgage deal ends you will revert to SVR with your current lender. If you are planning to "shop around" for a better deal, it's true, in an IVA that won't be possible. However, in your current situation it won't be long before something gives and you start collecting defaults and late payment markers. These alone will seriously hamper getting a new mortgage deal in any event as these days you have to have saintly blood and be squeaky clean to get a mortgage deal (or a member of the Russian Mafia).

Check your mortgage paperwork to say what it says about after any special rate period ends. Some mortgages do move you onto a SVR some state you will go onto another rate.

Paul

wicksy - having come through an IVA and now be 8 months on I can honestly say that it is a very rewarding thing and really does help you adjust to life in a budget and living in your means. Your I&E will be set at a realistic level dependant on your circumstances and this will allow you live a moderate life - there will be no luxuries for the period of the IVA but you learn to adjust and really appreciate the most simple things in life - such as the local country side for nice long walks !
It is a scary process especically as until now you have managed to juggle each month - but as you have said you cannot see where you will continue to juggle between - bite the bullet now and in five years time you will be completely debt free and able to start again. Being on a SVR is not a bad thing at the moment and this will all be factored in during your iVA and at your annual reviews so adjustments can be consider.....take advice from several experts and I am sure you will find the IVA is the right way forward for you x

Thanks everyone for words of wisdom could I ask people please to provide an opinion on my two options

1 stay in debt and live on very little for three years approx, ie loans paid off etc

2 enter an iva

Many Thanks

Wicksy