www.iva.co.uk

Good Morning - we had to get a new mortgage back in May - as our fixed rate was coming to an end with NR. After a lot of advice and help from Andrew @ Brightoaks, I negotiated a fixed rate with NR but transferring onto an interest only mortgage. No problems there I thought - doesn't matter if we don't build equity for the duration of the mortgage. So we advised our IP of the new payments and this was taken into account for the annual review - sorted.....or so we thought!

Received a letter from NR yesterday -stating we were in arrears. When I phoned the "new deal" was nowhere to be seen on our account so we were being charged the extortionate variable rate on a repayment. Try as I might to explain to the twelve year old on the other end, that I had letters, names, times etc of the new deal, it was like banging my head against a brick wall. In fact I was told if I didn't agree then seek legal advice!

After a sleepless night, I've spoken to NR today and thankfully spoke to someone with sense. NR apologised for the error and have now adjusted the account accordingly. No compensation for stress though.

I think it just pays to resist the temptation to phone in the evening when you're likely to get through to someone who couldn't care less. Also make sure you record names, times dates of all conversations.

Hope no-one else has to go through this.

Glad you got it sorted Julie, good advice about logging all the info for proof, i've started to do that lately and it has been a big help. X

Meant to say - don't mind not building equity for the duration of the IVA ( not mortgage).

Feels like I've done a days work already just trying to sort this latest hiccup out!

Julie - can I ask - did you get your rate changed after you entered into your IVA? Reason I ask is that our rate is due to shoot up to NR's standard variable in January and our IVA meeting is likely to be June/July. Hoping its accepted, I was thinking they might do us a deal on a new rate but I wasn't sure it was worth approaching them till January?

Hi Suzanne - yes, we entered IVA Feb 07 and fixed rate came to an end May 08. We were advised to start looking around 3 months before, as mortgage offers can be held for upto 6 mths. Glad we did start looking early as it took ages to get all the negative responses out of the way.

I would strongly advise contacting Andrew - he's one of the experts on here. He is really supportive and very knowledgeable.I honestly don't think I would have got a deal if it hadn't been for his advice. This would have meant increasing our payments by £300 apprx a month and our IVA possibly failing.

If your deal comes to an end in January I would start researching Sept /Oct time. Just make sure you let your IP know that your payments may be affected with a new rate.

I'll give you any support / advice I can. I was grateful and its good to give a bit back. x

Julie thanks that's really helpful x

It is definately worth giving Andrew a call. He is one of the best mortgage brokers in the business, and never too busy to have a chat with anyone.