Mortgage question

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rockstarloz

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Post by rockstarloz » Tue Jul 15, 2008 5:34 pm
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As I am waiting to hear from the creditors meeting on the 29th, I have just inquired about a mortgage payment holiday for 2 months. Now if my proposal is rejected this could really help me out. Am I allowed to apply for this while waiting for the IVA to be rejected or approved? Does it class as extra borrowing? Just trying to think long term and sort out what I would do in the worse case scenario. Also if the Halifax agree to this and I am then approved for the IVA, what implications will this have?
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chardonnay

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Post by chardonnay » Tue Jul 15, 2008 5:39 pm
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Hi rockstarloz,
I don't know the answer, but will be interested to see what the experts say, it will all depend on whether or not your company gives "holidays" and if you will be expected to pay some of any money saved into the IVA. Mind you the amount you save now will have to be paid back sometime, maybe at the end of your mortgage term.
Chardonnay
Chardonnay
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MelanieGiles

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Post by MelanieGiles » Tue Jul 15, 2008 5:43 pm
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A mortgage payment break is an issue between you and the mortgage company and is not really affected by existence or otherwise of an IVA.
Regards, Melanie Giles, Insolvency Practitioner
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nervousperson

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Post by nervousperson » Tue Jul 15, 2008 8:54 pm
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Your mortgage lender will most likely know you are in an IVA and ask for written confirmation from your IP that you are allowed to take it...
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