are i v a's suitable for mortgage lenders?

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emilyg

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Post by emilyg » Thu Jul 24, 2008 1:01 am
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are i v a's suitable for mortgage lenders?
i am not in debt yet but my mortgage goes up by 650 pounds on sept 1st and i have no way of making the payment.
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Viki.W

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Post by Viki.W » Thu Jul 24, 2008 1:18 am
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Hey Emily, welcome to the forum. I hope I understand your question correctly. You can not include your mortgage or any secured lending in an IVA. That's a huge increase. Are you struggling with any other debts or just the mortgage? Please wait for an expert to advise you. X
If you would like to talk to me about your debt problems, please visit:
http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
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MelanieGiles

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Post by MelanieGiles » Thu Jul 24, 2008 7:58 am
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You cannot include a mortgage in an IVA unless there is a shorfall which would be unsecured. Have you tried looking around for a cheaper mortgage?
Regards, Melanie Giles, Insolvency Practitioner
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emilyg

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Post by emilyg » Thu Jul 24, 2008 7:10 pm
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thank you for the replies, i am not in debt yet other than minimal credit cards, it is the fear of debt that conerns me.

emily
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Adam Davies

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Post by Adam Davies » Thu Jul 24, 2008 9:04 pm
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Hi
That's a huge increase !!
Have you looked at remortgaging to a new lender or asking your existing lender for a new fixed rate deal ?
Regards
Andam Davies
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Andrew Graveson

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Post by Andrew Graveson » Thu Jul 24, 2008 11:51 pm
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Talking to your existing lender should be your first step Emily.

Many will offer transfers to deals below their standard variable rate.

If you are unhappy about what is or isn't offered to you find a mortgage broker to research the market on your behalf. That need not cost you anything.

If the rate goes up on September 1st you are running very short of time and I'd suggest you start making moves now.
Andrew Graveson
Bright Oak Ltd
UK Debt Management Company
Website: www.brightoak.co.uk
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