HI WHAT ARE THE CHANCES OF MY IP LETTING US GO ONTO AN INTEREST ONLY MORTGAGE FOR 6 MONTHS TO CLEAR THE 3 MONTHS MORTGAGE ARREARS WE HAVE AND GIVE US A CHANCE TO GET STRAIGHT?WE HAVE DONE AN INCOME AND EXPENDITURE FORM AND WE ARE STRUGGLING LIKE MAD WITH 2 KIDS AND VERY LITTLE MONEY LEFT OVER ONCE WE HAVE PAID THE MORTAGE AND IVA,THE MORTGAGE COMPANY HAVE SAID WE ARE OPEN TO LEGAL ACTION AND WE COULD LOSE OUR HOUSE, OBVIOUSLY WE DONT WANT THIS TO HAPPEN BUT DONT KNOW WHERE TO TURN.THANKS
How far into the IVA are you? Have you had any payment breaks? It may be an idea to speak to you IP to discuss the options. You may be able to take a break to clear the mortgage arrears and either add it to the end of the term or pay a little extra if at all possible to make up the missing payments. Your IP will be in the best position to advise as they know all your circs.
Hi - you shouldn't be struggling like this in an iva. It may be worth having a chat to your IP to adjust your I&E to a more realistic level. Have your allowances been squeezed to make your iva viable? Check beatmydebt.com for a rough guide to allowances.
The best person to ask is your IP, please remember they are there to help & support you through a IVA. They are also there to offer guidance if you are struggling, a fresh income & expenditure can be done at anytime during a IVA, you do not have to wait till a annual review x
Final IVA payment made in April 2013, never ever thought we could do it or get through it but we did! X
An IVA.co.uk Mentor is someone sharing from their experiences of dealing with debt
hi, your income and expenditure shouldn't be so tight that you cannot afford to make your mortgage payments, get in touch with your ip and ask to have a reassessment.
have these missed payments occured since the acceptance of your iva?
kat
IVA accepted 6th May 2011, Full and Final accepted 17th April 2012.
You should not be struggling like this - have you spoken to your IP?
Which company are you using?
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Three missed mortgage payments gives the morgagee the ability to commence possession proceedings against your home, so it is critical that you sort something out speedily. Assuming that both the mortgage and the IVA payment are known quantities which were provided for in your budget, then you must identify the variable or variables which have caused the problem.
In principle your IP may have no objection to you reverting to an interest only mortgage, however it would be better to find the root cause of the difficulties and address that a\d the mortgage company may not allow the switch.
