In my case I think age might be an issue, as long as they stick to what they said in principle and assuming the creditors ask for it, we are prepared to change to interest only if we have to and then catch up capital payments at the end of the iva, it's just hoping now they know about the iva they don't go back on their word.
Our payments are 2k a month currently, which is less than 50% of our income but who knows what they'll consider acceptable. We do have extenuating reasons for our high payments but, once again, whether that will be taken into account, who knows?
Sorry did not see your question re mortgage and income - but please do not ask how I got into this mess- I cannot repeat it - Melanie understands and people on here have said they would have doe the same thing as I did if they had the sane situation to face.Mortgage £1733 income £3567 apprx NET. 48.6% of income - someone told me on here their one is a little more than mine and they were ok.
David
No one here will look at your situation and question how you got to where you are today, just as I hope they wouldn't question why I did. You know that I would have done exactly the same as you and I think most people would be the same if they knew what you went through. I got to where I am for a variety of reasons which started to come to a head two and a half years ago following a dreadful experience we're still going through and not being physically or mentally able to cope with everyday life. But , you and I, we're here now and trying to sort things out and that is what counts, nothing else. One way or another we will survive this and come out the other side as better stronger people, able to help others out from our life and debt experiences.
Keep strong and take care
Pap is it not strange - both your family and mine both had "family" problems - if I can put it that way - you know what I mean - both with almost the same level of income and mortgage(s) both with identical concerns and both with the same IP. There has to be something in there somwhere!
It is only natural to worry about all these things and this forum gets you the right balance of professional advice from the likes of Melanie, myself and others and human advice from those that have been through the mill!
Whether an Interest only mortgage or a repayment mortgage will depend on a number of factors such as age and Melanie and I would not put cases forward if we did not think that they were going to pass.
So keep the questions coming and good luck to all those of you who have meetings scheduled soon or to those who have just started the journey.[:D]
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
