Another option might be to embark upon a debt management plan and disclose the full repayment of the family loan as part of it. It appears as though your "disposable income" is around £1000 per month based on the previous details. On that basis near £250 would normally go to the family loan anyhow, ...

Hi mkcpapa. In terms of a debt management plan, so long as any payment to your in laws each month is reasonably proportionate to the repayment rate to other creditors I doubt there would be any issue with this. How much do you pay to them each month? There is no harm in speaking to the credit card c...

The insolvency figures do include bankruptcies, alongside debt relief orders and IVA's. I'm not sure that I concur with Andy's view that 500000 new debt management plans were set up last year though I am reading many experts suggesting that the total number of DMP's currently running in the UK (free...

Hi there. I think it would be best to speak with the DMP company to ascertain their version of the events to this point. Anyone who works on debt management plans will understand that sometimes creditors provide messages erroneously to their clients that put the debt management provider in a bad lig...

Hello Mark. There is no reason why you should not take this on yourself and I wish you well if you do so. Be ready for the debt management plan to be an ongoing task rather than something which can be set up and then left to run. Creditors will want to review any agreements from time to time, often ...

Hello Mr S. An IVA does only apply to unsecured debts which will typically be credit cards, store cards, bank loans and overdrafts. They do not apply to secured credit such as a mortgage, secured loan, hire purchase or a lease. If your property appreciates in value you may have to release some of th...

It's hard to see how raising interest rates would actually have an impact on inflation when disposable incomes are being squeezed and average personal debt levels are reducing. Spending by the UK public isn't driving inflation. An IP well known around this forum was speculating (when I spoke with he...

Maybe it's time to shift the terms of this thread a little. I fully acknowledge that the way mortgage lenders view IVA's today makes little sense and is unfair. However it is what it is. This isn't just an IVA-specific subject and even in the current difficult lending situation there are steps peopl...

I think people have to make the right decisions for themselves... and I didn't mean to sound harsh though I can see that my words could be read in that way. Adding incorrect information to a mortgage application to influence the outcome isn't something I'd advise and is something that could have con...

Very tempting. But also mortgage fraud.

A difficult subject in many ways.

I'm with Broke of London on this one.

Surely a DMP company that has been happy to take fees from you for an extended period should be prepared to waive their fees for a few months to help you during this period of temporary change.

Strange how attitudes vary so much from one operator to another.

I don't agree with some of the comments on this thread. Mortgage lenders can, and some do, ask if anyone has ever been in an IVA on their mortgage application forms. They can then use this information as they wish although it's unlikely to be a positive obviously. Doesn't apply to every lender thoug...

Hi there. Finding a new lender might be tricky as your credit rating is likely to have declined due to your debt management plan. Three months before your existing mortgage expires I'd suggest that you contact Halifax. All being well they'll be offering replacement fixed rates. Provided that you're ...

I've asked a couple of senior people in mortgage lenders the same question. The answer tends to come back along the lines that their investors have no appetite for participating in this type of business. As mortgage funding is limited for everyone at the moment, lenders are able to cherry-pick among...

Hi Simbel, This answer might not provide much comfort, but perhaps there is in fact little you can do and therefore little point in worrying about it too much. Many lenders are not offering any replacement products when current deals expire. The "experts" are predicting interest rate rises later thi...