I must firstly thank you for your replies Melanie, it is very good of you to provide this information when I am not one of your clients. I have spoken to the mortgage lender and their reply was that this should not be a problem would you like me to process this now (no application necessary) they ev...

I'm a bit confused now so perhaps not thinking straight. Maybe I am using incorrect terminology the mortgage would not decrease as it would have done so at some point I would have to repay the additional outstanding mount. This may be by either increased capital and interest payments once my unsecur...

No creditors have been approached as yet (other than by me) and Northern Rock are not one of the creditors. The mortgage will increase in real terms as I am not repaying any capital (only interest). I don't mind repaying 100% of my debts and I certainly don't mind not having an IVA if this can be re...

Looks like things are moving on and I have just received a call from Grant Thornton. One of the questions they asked was would my mortgage provider accept interest only payments as this may be required by the creditors. I didn't see this one coming and after contacting the mortgagee this is a possib...

So to put this into perspective and assuming that your accepted IVA includes the 6th year option (hence no variation would be required) you could say: "Your home may be at risk if you fail to maintain payments on your agreement" I think I have heard this before [:)] Being in full time employment and...

I understand your point of view Michael and thank you for your response. I assume that if such a modification was proposed (sale of house) or a variation then i would sill retain the right of not proceeding with the IVA.

I guess what I am after is closure or being able to see the light at the end of the tunnel. A DMP would take me 10-12 years to repay so an IVA is obviously more appealing. I would also be happy to increase payments when possible, handover any windfalls and release equity if I am able. Adding the 6th...

If this was the case then an IVA would not be suitable for me and i would not proceed (opting either for a DMP or Bankruptcy). I am assured that my IVA proposal will stipulate that in the event that i cannot obtain an equity release in the 4/5th year then i will continue to pay for an additional yea...

I understand this now but from my point of view and following much research there are not many IP websites that mention this or the 6th year option. I was also concerned to read Michael's reply in this thread although as with everyone who has replied I appreciate the response. Is the 6th year option...

*If* an iva is deemed as appropriate for you they send out an IVA pack which you complete and return before your referral. They are also keen to point out that the companies they use must follow the 2008 iva protocol which is a big attraction for me. Although my iva may contain an equity release cla...

About a month ago I finally faced up to the fact that i cannot continue robbing Peter to pay Paul and have looked seriously at all the options. I have been assisted by the National Debt Helpline and am currently awaiting a response regarding an IVA proposal having submitted my details to them. I am ...