I am looking into starting an IVA

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ben_c

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Post by ben_c » Thu May 31, 2007 1:28 pm
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I am looking into starting an IVA but will be looking to apply for a morage with my partner in the next year will this still be possible ?
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Oliver

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Post by Oliver » Thu May 31, 2007 1:43 pm
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Yes it is possible but you will have to ask permission from your IP and ultimately your creditors. This can be done if (i) The funding of the set up costs and deposit is not coming from you directly (as any spare money you have should be declared and potentially put forward to your creditors) (ii) That your mortgage payments do not effect your ability to continue to pay your contractual monthly IVA payment.

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Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
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Oliver
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MelanieGiles

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Post by MelanieGiles » Thu May 31, 2007 1:47 pm
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Hi ben

Yes that is possible, but you will need to assess the impact of mortgage payments against the rental you are probably paying now. Your IVA will include ongoing payments based upon your current disposable income, and you will need to avoid this being reduced if your mortgage payments are going to be higher.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk
Regards, Melanie Giles, Insolvency Practitioner
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