Advice

[SteveW35]

My income has increased dramatically since starting an IVA 18 months ago, i sent my expenditure form in many months ago but never received any feedback although i proposed to double the payments. I have however increased my payments as i suggested from the date i sent the letter.
Could you please advise me on a number of things i have tried to contact my supervisor with no luck as she has left to another company and the delegate in charge has not answered emails or phone messages.

Was it the right thing to do increasing my payments without any feedback?

My proposed payments this year will be treble and have been double the amount for the last 2 years of the amount stated on my original IVA agreement will this be taken into account and reduce my third party lump sum and remortgage?

Can i save some of my wages in a ISA?

Can i increase my mortgage and pension payments?

Can my IVA payments be taken into account of child maintenace calculations?

Could someone please advise!

Many thanks

Steve





Steve

[MelanieGiles]

Hi Steve and welcome to the forum

You definately did the right thing in increasing your payments, but it is a shame that you have not been afforded any support by your IP throughout the process. I am afraid, however, that your additional payments will not reduce the amount you will eventually have to raise by way of the re-mortgage or third party payment, unless the terms of your own IVA specifically allow for this.

It is unlikely that you will be allowed to pay savings monies into an ISA, unless they are monies out of your allowable expenditure. I cannot see your IP agreeing to increased pension or mortgage payments either, unless the mortgage payments are enforced upon you say by an interest rate rise.

IVA payments will have not effect on your child maintenance payments either.

Hope this helps.

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

[SteveW35]

Melanie,

Thanks for the advice.

There are a number of questions i would still like to ask? I have just had the oppurtunity to further my career abroad and the company i work for has asked me to transfer to another country but on a rotational basis. Included in this package is tax paid by the company, this will then give me an excess of around 2k a month to put towards my IVA. My original payments were 412 pounds a month with this 30k third party donation and 6k remortgage. I have around 65k equity in my house. The question i would like to ask is ideally i dont want to take this 30k from my father and pay it myself, is there anything i could do i.e remortgage for 36k now or more and also pay my increased payments?

I really want to get as much payed off from my IVA as possible i can afford a bigger mortgage i have equity and i would like to come up with a solution where i remortgage for and extra 50k and pay towards my IVA and also give them a increased payment? When i started my IVA a payment of 47k would have been acceptable to my creditors. I wouldn't have aproblem in selling my house and giving all the money towards the IVA to end the agreement and start again.

Is there any other suggestions that you could make for me please? I have made mistakes in the past and took on all the debt accrued from marriage and really want to crack on with my life and get this whole scenario behind me.

Thanks for your time and effort in reading this post, i have been browsing through some of the posts i can only thank you and everybody involved with the site for giving us people with financial difficulties sound advice and piece of mind.

Many thanks

Steve

Steve

[Adam Davies]

Hi Steve
How much was your original debt going into the IVA ?
and how much have you paid in so far ?
The maximum that you can pay into your IVA[including equity release] is your original debts,IP fees and possibly statutory interest,less payments made.
You may well be able to finish your IVA early

Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[MelanieGiles]

Hi Steve - what a great opportunity for you and I wish you well in your career.

If you are able to scrape together enough money to settle the IVA, then this is a sensible idea, but it does depend upon the specific terms of your IVA. For instance what are the terms of the equity release - does it involve a revaluation. And what was the nature of the third party offer of funding? Was this to effect a minimum dividend?

If you can answer Andy an my questions, we can probably give you better and more specific advice.

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

[SteveW35]

Andy,
Thanks for the advice i have taken on debts of over 150k that were not solely mine but taken on from marriage. I am fortunate in that i have a good job and qualifications. I realise i will probably have to do the term the main thing i want is to get rid of this 30k third party payment,I am willing to remortgage and cover this third party payment and the 6k plus give extra each month.The main thing is i want to sort this out myself without a third party. I want to prove i can do this and get out of the hole i dug and took on. I have made payments of around 20k so far in 21 months.But primarily as stated when i took on the IVA i want to pay as much as i can back to satisfy all parties. The original figure was a one off payment of 47k and walk away.
What are my options?


Steve

[MelanieGiles]

You need to tell us what equity release provisions there are in your proposal. Do you have a fourth or final year revaluation and then equity raising requirement?

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

[SteveW35]

Melanie,
I had a valuation on my property at the start of my IVA, my IVA states that i have to remortgage for 6k in the last year plus this 30k third party contribution. My payments were meant to be 412 pound a month however i have exceeded them every month plus these payments.

Steve

[MelanieGiles]

So if the equity release was limited to £6k, and you have the ability to raise £36k now without disturbing your ability to continue funding payments at £412 per month this may be acceptable to your IP. I suggest that you sound them out over the next couple of days, and then contact a mortgage broker with experience of dealing with clients in IVA's. There are three companies who regularly offer advice on this forum who could be worth a call.

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

[SteveW35]

Melanie,

Thanks will do.

My current mortgage is with Northern Rock are they worth contacting for the extra money as it is going in to the IVA pot and i will still be able to double my payments each month. The only one downside is Northern Rock are one of my creditors on the IVA but i have never missed a mortgage payment.

My outstanding mortgage is 177k but my house valuation is 240k will i be able to get 36k my monthly earnings are 6k so i dont have a problem in paying the mortgage.

Steve

[MelanieGiles]

Absolutely

Despite some pretty sensationalist journalism about the Northern Rock issue, it is business as normal within the lending division, and if they feel that this is a viable option for them they will give it every consideration - after all they benefit by getting the dividend on their unsecured loan.

I suggest that you contact Northern Rock directly at their headquarters in Sunderland, and speak to one of the insolvency team. If you want a direct contact, please e-mail me as I do not want to put people's names on this open forum.

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

[Andrew Graveson]

Hi Steve,

As Melanie states there are three mortgage brokers who regularly post in this site with experience of mortgages connected to IVA's. In addition to myself there are Welshboy (Tony Parsons) and Leybridge.

Financial advice is tough to give in general terms in a forum like this. We're rightly required to fully understand your circumstances, attitudes and needs before ever giving advice. We'd be pleased to talk through your options with you and I believe my mortgage-broker colleagues would also be happy to do the same.

Andrew Graveson
Mortgage Broker & Bright Oak Debt Management
andrew@brightoak.co.uk
www.brightoak.co.uk

[mikebdomain]

Hi SteveW35 your first port of call should be to discuss the matter with Northern Rock (your current lender) I suspect you may be suprised at their response.

If they can not, or will not help, any mortgage broker would only be too happy to go through your options with you.

P.s Thanks for the mention Andrew, for the record my name is Mike Burridge.

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

[Andrew Graveson]

Hi Mike,

I'm sorry if my mention of your firm's name in my post has caused you any offence.

As you'll have noted previously in any post I make suggesting contact with a mortgage broker I include details of the other mortgage-brokers who give time to posting on this site.

I'm happy to confirm for the record that your name is Mike Burridge.

Andrew Graveson
Mortgage Broker & Bright Oak Debt Management
andrew@brightoak.co.uk
www.brightoak.co.uk

[mikebdomain]

LOL - Andrew - sorry - no - my fault for the way I typed it - no offence taken - I was saying thank you for your mention - and just letting the poster know my full name.. Didn't mean I was having a go or anything - sorry again for the misunderstanding

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