Mortgage Holiday

[Beans on Toast]

We have, in the past, taken a payment break from our mortgage in December. This allowed us to get all our presents and took the sting out of Christmas.
Because I am paid monthly, we get paid early in December, so it is a long time until pay day in January. Could anyone please tell me if it is ok to take these breaks whilst in an IVA [?]

[Julie]

Hi

You have to have permission from your IP first. I know I wanted to take one last year due to huge car repair bill and as soon as I phoned mortgage company they told me I needed permission.

The IP advised us not to take payment and we just sent bill in for repair and paid less into the IVA that month.

Hope that helps you.

[Beans on Toast]

Thanks Julie, hopefully we wont need one, just wanted to see if anyone had been knocked back for one reason or another.

[rayb]

I will be honest with you. I do not think IP's look on you to favourably for taking payment breaks for Christmas presents!!!

[Beans on Toast]

Wouldn't have thought it would be too much of a problem as long as we made our IVA payment.

[MelanieGiles]

Not if the reason is for Christmas shopping! This has to be budgeted for during the year, and I am afraid IPs are very sceptical of clients asking to miss payments in December and January.

[Beans on Toast]

Thanks Melanie, will bear that in mind. The christmas thing was something we have had to rely on now and then in the past, hopefully we should be in a better position this year now our IVA is underway.

I shouldn't have used the Christmas example, I think I have mislead a few people to the reason behind my original post.