mortgage decrease

[rollercoaster]

Hi. my mortgage payment has just gone down by £16pm and my OH has only just started IVA, do we need to declare this immediately or wait until the annual review (the way things are going im sure it wont be long until it increases again!)
Im also sure that in next few months OH and myself will be getting our pay increase (usual cost of living rise) does this wait until annual review also.

[MelanieGiles]

I would wait until the annual review as it is not a material difference and you probably are already living a very tight budget. Try and put the money into savings perhaps for a treat later on in the year or Christmas

What is happening about the representation of your IVA?

[rollercoaster]

your are absolutely right and i was going to put it away into savings, just didn't want to break any rules.
In regards to my IVA: payplan investigated thoroughly and discovered that MBNA were in fact sent the right proposals and provided me with copies as proof. My IP felt that they were looking at wrong info when they voted so he contacted them. Even though it will take 12 1/2 years for me to repay the debt under DMP, MBNA have said that they will still reject the IVA proposal (as they feel they will get sufficient return under DMP) however they have also said that they will not accept my available payment as it is longer that 10 years and are demanding more money than i have available. Payplan are still going ahead with the DMP, but have warned me that MBNA will still chase me, be aggressive and could issue CCJ etc...the only thing i can do is pay what i have, wait for the court order and hope that they sell to max recovery.
thanks for asking

[Beans on Toast]

Sorry about your plight rollercoaster, you're having a rough time of it lately.
Can't believe they think you would be better off in DMP. Fingers crossed that this will be resolved soon and let you get back on with your life.

[rollercoaster]

OH is saying to me that if it causes me too much pressure and affects my health again then it would be better to go bankrupt

[facingittogether]

hi rollercoaster

so sorry you sre still having problems!

hope everything gets sorted soon so that you can have peace and closure!

love barb x

[MelanieGiles]

I am sure that once you settle into the DMP payments that MBNA will accept them gladly. have you thought about speaking to their insolvency department directly for advice, as they are usually very good.

[Skippy]

Sorry to hear about the problems you are having Rollercoaster. I can't believe that MBNA have rejected your IVA and want more money than you can afford in a DMP - there is no logic in that whatsoever. Good luck with the DMP x

[angela18]

Wouldn't you think MBNA would just be glad you were trying to pay them!!

B.O.T love your Avatar (not sure about clowns) love the moving ones

[FlyingHigh]

I would definitly wait until the annual review. You are not getting much and should put whatever extra you get away so you can enjoy in some spoils of life [:)] You deserve it!

[size5]

There is possibly a case here, under the new IVA protocol, to have another look at IVA a little later on.

"debtors will be encouraged to try to reach an informal agreement with their creditors before being recommended for an IVA"

" a lender who rejects an IVA proposal will need to give a specific explanation for the rejection."

You would certainly be able to make a case, if this situation keeps on, that your DMP is not working.

This link may be of interest to you:

http://www.insolvency.gov.uk/insolvency ... eeting.htm

Regards.

[kallis3]

You'd think they would be happy that you are doing DMP regardless of how long it took - at least they would get back 100% of what they loaned you.

When we were DMP, my HSBC Gold Card was going to take 19 years to pay off, and they were quite happy with that.