Does an Iva run separate from a mortgage ?

[OhNo]

In my list of creditors is the bank (Halifax) to which my mortgage is with. What happens on these occasions. I have a credit card and 3 overdrafts with the Halifax. Does an Iva run separate from a mortgage and therefore does not cross over or do the Halifax just add my debt top the mortgage and increase my payments?

[Viki.W]

Hey OhNo, welcome to the forum, I would have thought they couldn't do that but please wait for a technical expert who can advise you. X

[Adam Davies]

Hi
They will be seperate,as long as they are not directly linked to the mortgage i;e some form of equity release
Regards

[MelanieGiles]

The fact that you have both secured and unsecured borrowings with the same bank will not stop you from having an IVA - as you will continue to make the payments for the mortgage in the usual manner.

[OhNo]

Thanks for the answers.
The account tne mortgage is paid out of is a joint account which me and my partner put a 50% equal share into to cover the bills. If there is still the money going into the account to pay the bills and I have an IVA, would this be a problem meaning the account must be closed?

[Viki.W]

Hey OhNo, you would need to close that account, open another with a bank not linked to your creditors and then the overdraft would be included in your IVA.