Question for Melanie

[donna.g]

Hi Melanie

My husband and I spoke with Tina on the phone Thursday night to gather all the info for our IVA - one question that has dawned on me today - we have a one account tracker mortgage, I'm sure you know that they are RBS - my husband has 2 creditors that are RBS (Mint, Tesco) - should this be a concern for us or will we be able to keep our mortgage with them? My husband hasn't paid his credit cards for a couple of months now and therefore will already have a bad credit rating so I'm guessing it would be hard for us to apply for another morgage?

[MelanieGiles]

Hi Donna

This will not be of any concern for you - the mortgage will continue to be paid, and the unsecured elements will be included in the IVA. And if you needed to - there is always someone out there who would give you an new mortgage, but this is unlikely to be necessary.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[donna.g]

Hi Melanie

Both my husband and I have a debit/visa card and cheque book with our mortgage account - I know it doesn't look good if he has credit whilst in an iva - what should we do?

[Adam Davies]

Hi
Take advice from Melanie regarding this.Does the cheque book give you access to secured borrowing on your house ?
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

[donna.g]

Hi Andy

Yes - it runs like a current account alongside your mortgage?

[donna.g]

Has anyone else been accepted on an IVA with a one account type mortgage?

[Adam Davies]

Hi
In an IVA you are not allowed to take any UNSECURED credit but I,m not sure how something like this will be viewed.My gut feeling is that you will not be able to use it as you will be taking equity away from your creditors.
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

[donna.g]

Thanks Andy - if it meant we didn't have to change our mortgage we would willingly just use that account to pay our mortgage into and nothing else. We would transfer our household dd's to my barclays account - I just don't know if the creditors would allow us to keep the one account though?