one year in

[kahlan]

Hello! I'm comin up to my first year in an IVA and struggling (what with mortgage interest rates going up!) and have gone into minus in my bank... what should I do?

Thinking maybe I should go bankrupt? Tried changing my mortgage but Northern Rock haven't been extremley helpful..

[mikebdomain]

Hi kahlan

Gone into minus? I didn't think you could when you are in an IVA as most bank will only give a basic account....

Northern Rock, not being helpful, what a surprise! Do you have a together mortgage product with them or just a standard first charge mortgage?


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Specialising in adverse credit.

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[kahlan]

well for some reason all my direct debits have come out automatically (and i've been charged!)
i@ve just come out of a fixed rate mortgage, trying to get it changed...

[mikebdomain]

kahlan obviously you should always discuss your options with your existing lender first, if they do not give you what you want or need, have a chat with another mortgage broker, who will be able to search the market (after a full fact find) and find a suitable fixed product for you. You will need the permission of your IP / Creditors before remortgaging, but this shouldn’t be a problem as long as your mortgage payments do not increase and it gives you more stability during the course of your IVA.

FREE ADVICE IS THE BEST ADVICE

LEYBRIDGE LIMITED
Mortgage Broker
Specialising in adverse credit.

Firm FSA No:313790
Personal FSA No:MJB01557

see feedback and testimonials at:
http://www.leybridge.com/testimonial.php
Check out my blog at:
http://mikebdomain.blogs.iva.co.uk/
Please read our Initial Disclosure Document(IDD):
http://www.leybridge.com/Leybridge-IDD.pdf

[Andrew Graveson]

I think you need to talk to your IP as well. You will not be their only client experiencing painful increases in mortgage payments at this time and they may be able to work with you while you make new arrangements.

Andrew Graveson
Independent Mortgage Broker & Bright Oak Debt Management
andrew@brightoak.co.uk
www.brightoak.co.uk

[sonyse2t5]

wow,
Looks like you have an O/D facilities, how you managed that on an IVA. You must have had a normal account opened before the IVA....careful on that one as the mod' says any credit secured needs an IP's permission.

[kahlan]

I got the bank account the same time as the IVA... Will this be an automatic fail?

- If I do fail my IVA the biggest consequence I face is bankruptcy right?

[mikebdomain]

Kahlan I wouldn't have thought this would mean an automatic fail - I would talk to your IP about it though.

FREE ADVICE IS THE BEST ADVICE

LEYBRIDGE LIMITED
Mortgage Broker
Specialising in adverse credit.

Firm FSA No:313790
Personal FSA No:MJB01557

see feedback and testimonials at:
http://www.leybridge.com/testimonial.php
Check out my blog at:
http://mikebdomain.blogs.iva.co.uk/
Please read our Initial Disclosure Document(IDD):
http://www.leybridge.com/Leybridge-IDD.pdf

[kahlan]

thank you - as always! I'll talk to him today (if I can get hold of him) and take it from there!

[bagpuss]

the bank are going to make charges for these if they have allowed you to go over and you dont have a overdraft vacility...(mine let D/D go through sometimes and i dont have an overdraft)....best bet to avoid any bank charges is to stop any more direct debits you may have going through ... more bank charges are not going to help, and the money isnt there anyway...

Angie xx


My IVA Story......http://bagpuss.blogs.iva.co.uk/2007/09/ ... iva-story/

[Adam Davies]

Hi Kahlan
Just get your account back into the black and you will be ok
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp