I think that technically you should tell your IP as they will probably want some of the money paying across to them.
It's up to you whether you tell them or not but you should always be honest with your IP.
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
Our mortgage provider - Northern Rock needed a letter from our IP to ok our morgage break, and we had to do an affordability check .... did we have any loans, what were our credit card repayments, nice to know they understand what an IVA is!
They also were a pain when they were receiving the faxed letter from our IP, saying they hadn't received it and didn't have an email address for the IP to email!
Good luck
Andrea
43 down, 17 to go (or 29 to go depending on the remortgaging clause!)
Most lenders will want a letter of agreement from your IP company, and they will have their details as they would have been written to at the outset, so this is all rather out of your hands I am afraid.
There's also the possibility of a payment break in your iva if your IP agrees. Have a chat to your IP soonest and see what cN be done to help with these bills x
Mel - does the same apply to secured loans? Are those companies informed of the IVA and would you need a letter from them if you wanted a payment break?
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
Secured loan companies will be notified of the IVA, and if you can get a payment break out of one of them you are doing a better job than me trying to get a date out of Brad Pitt!
MelanieGiles wrote:
Secured loan companies will be notified of the IVA, and if you can get a payment break out of one of them you are doing a better job than me trying to get a date out of Brad Pitt!
Mel,you are far too good for the likes of him!!! [;)]
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
About a year into my IVA, my partner lost his job. The only way I could think of gaining a bit of extra cash was to have a mortgage payment break... however, when I looked into it, I couldn't do this as I was in the IVA. When I spoke to my IP, they were very understanding and temporarily reduced my payments until my partner got another job.
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
