interest rates going down

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jos

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Post by jos » Sun Nov 30, 2008 12:06 am
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I have been in my iva 14 months my question is with the interest rates going down i will be paying £53 less on my mortgage do i have to offer this in to my monthly iva payments.
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james.c

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Post by james.c » Sun Nov 30, 2008 12:08 am
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strictly speaking yes, but i bet in the last 14months your bills and petrol have gone up so this should outway this
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MelanieGiles

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Post by MelanieGiles » Sun Nov 30, 2008 12:13 am
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I would leave this for your IP to determine at annual review stage. James is right - other expenditure may well have increased to offset the reduction in your mortgage payments.
Regards, Melanie Giles, Insolvency Practitioner
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orchid5

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Post by orchid5 » Sun Nov 30, 2008 8:57 am
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Hi all, i emailed my IP regarding my mortgage interest reduction and was very surprised in that they didn't want the extra and would as Melanie has said review it at my annual review, however does that mean that they may ask me for the extra in a lump sum?
Om shanti, namesté, good luck to all who are embarking on the IVA journey, it isn't always an easy one but the outcome is the best.

IVA COMPLETED August 2012, received Completion certificate 18.4.13.
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james.c

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Post by james.c » Sun Nov 30, 2008 10:35 am
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i very much doubt it, if anything when they review it if they make any changes, it will be from the date of the review
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MelanieGiles

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Post by MelanieGiles » Sun Nov 30, 2008 10:58 am
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Not at all Orchid - it just means that they are happy to leave the review until the appropriate time just as I will be doing with all of my clients.
Regards, Melanie Giles, Insolvency Practitioner
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