Getting or changing a mortgage while on an IVA?

[iva experts]

Hello,

Be re-assured that as long as your mortgage payment remains the same this shouldn’t affect your IVA. Obviously if your mortgage amount changes then this could pose as a problem.


Hope this information is of use

Regards. IVA Experts

[accgroup]

Hello

The comments made by IVA Experts above are correct, changing your mortgage should not be a problem as long as the amount you are paying out each month does not change and subsequently affect your ability to make contributions into the IVA. Also you should not be releasing any equity during the IVA unless required to do so by the terms of the IVA.

You should speak to your IP and obtain written confirmation from him that he agrees to this before you do it as your IVA may require his approval for obtaining further credit (although you should not be obtaining more credit you will effectively be paying off one mortgage and obtaining another).

Hope this helps



AccumaGroup
http://www.accumagroup.com - One of the UKs leading debt and insolvency advice firms with over 200 employees.