If your with NRAM it is unlikely you obtain a new fixed rate with them just go on SVR. This is ok for now but if increases your costs could increase quite a bit. I'd be interested what the experts think when mortgage goes up what happens to IVA payment?
The road is 72months long starting September 2010.
As and when that happens then you will have to speak to the IP to see about the payments. If they drop then you will be expected to pay some of this across but of course if they subsequently go up then you should be able to have them lowered again.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
If rates went up this would lower your payment & could a variance meeting be called? Example if I pay £200 they could lower payment by 15% this is ok in conditions but if I could only pay £150? What would happen?
The road is 72months long starting September 2010.
I think a lot of us are going to be in this situation soon. You will need to speak to the IP when it happens.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
If rates went up this would lower your payment & could a variance meeting be called? Example if I pay £200 they could lower payment by 15% this is ok in conditions but if I could only pay £150? What would happen?
The road is 72months long starting September 2010.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
You may not have to pay it all across - don't forget things like fuel and food have gone up so you should be able to keep some.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
