www.iva.co.uk

Hi

has anyone ever taken a mortgage payment break during an IVA?

It's been one thing after another this year with having to pay for extra things and we've reached pretty much breaking point.

I got paid yesterday and (allowing for all bills and direct debits) we have £330 left for the four of us to cover food and petrol (and anything else that crops up) until the next payday. I need around £60 a week to get to and from work.

Except it would be £330 if it weren't for the fact that my wife's car failed it's MOT yesterday and we've told it will take £200 to get it into a state where it will pass.

That would't be so bad if my own car wasn't parked on the drive becuase it has packed up (again) and I can't afford to get it fixed.

We are already over-paying my IVA by £65 a month to cover costs incurred by having a to buy a new washing machine and a new cooker a few months ago.

I know we're not alone in having to face all these struggles...

ANYWAY - I was wondering about approaching my mortgage company to ask about missing a payment (or making a reduced payment). It is the only outgoing we have that could make a significant difference to our bank balance.

Hi

I have had a couple of mortgage payment breaks during my IVA and they were fine about it

Initially i phoned my Mortgage company and applied and they said that due to the fact i was in an IVA i would need permission in Writing from them

I spoke to them and they agreed no probs, sent an e mail to my mortgage lender and that was that

I think provided you can give a valid reason for why you need it they should be ok

I don't see why not, so long as you don't make a habit out of it - but most mortgage companies will ask for your IP's agreement in writing before allowing this, as it will affect the equity release at the end of the IVA term.

ok, thanks for your replies.

I don't really want to do it, but can't think of any other way of being able to get hold of any funds.