www.iva.co.uk

End of my fixed rate mortgage 2 years in to my IVA. Do I fail to pay the mortgage (it's another £60 a month and there is NO slack/contingency in my IVA at all - too honest ?) Anyway I've contacted my IP firm but on past performance - I would also like some advice from the forum members on what to do and what other people have done. My monthly payments have stayed the same as originally set out as I have only had one pay rise that was swallowed up by mortgage and fixed loan interest increases - travel and fuel cost increases. I am already worse off in real terms than during the first months of my IVA.

Kah

Contact your IP and inform them of the situation and request permission to look at the option of remortgaging.

Please do not consider not paying your mortgage unless you are considering going bankrupt or giving your house up.

You need to speak to your IP about this ASAP

FREE ADVICE IS THE BEST ADVICE

LEYBRIDGE LIMITED
Whole of Market Mortgage Broker & Mortgage packager
Specialising in adverse credit.

Directly Authorised Firm FSA No:313790

CeMAP 1,2 & 3 qualified
F.P.C 1,2 & 3 qualified
Financial Planning Certificate
Certificate in Regulated Customer Care
Certificate in Regulated General Insurance
Associate of the Charted Insurance Institute

see feedback and testimonials at:
http://www.leybridge.com/testimonial.php
Check out my blog at:
http://mikebdomain.blogs.iva.co.uk/
Please read our Initial Disclosure Document(IDD):
http://www.leybridge.com/Leybridge-IDD.pdf

If you cannot find a suitable remortgage at a similar rate to that you were paying before the increase, then you may need to ask your IP whether it would be viable for you to propose a variation to the original arrangement.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

Hi,
i am not an expert but have been in an iva for two years also. the same thing happened to me and my mortgage went up by £130( then went up a further £35.00 2 months later whch was ok because i had just received a payrise.). I had a variation meeting and now have extended the iva for 8 months( not ideal, but a solution.)It took three months for the meeting to finally take place. In the meantime i paid what i could as i could definitely not afford the new payments and did not want to get behind with my mortgage. Good luck.

The rate you can achieve will depend on your circumstances. Obviously you will need to speak to a mortgage broker IF you need to look at remortgaging, but, I'm sure the best thing to do, is to talk to you IP about reducing your payments first.

FREE ADVICE IS THE BEST ADVICE

LEYBRIDGE LIMITED
Whole of Market Mortgage Broker & Mortgage packager
Specialising in adverse credit.

Directly Authorised Firm FSA No:313790

CeMAP 1,2 & 3 qualified
F.P.C 1,2 & 3 qualified
Financial Planning Certificate
Certificate in Regulated Customer Care
Certificate in Regulated General Insurance
Associate of the Charted Insurance Institute

see feedback and testimonials at:
http://www.leybridge.com/testimonial.php
Check out my blog at:
http://mikebdomain.blogs.iva.co.uk/
Please read our Initial Disclosure Document(IDD):
http://www.leybridge.com/Leybridge-IDD.pdf