What happens to the money we will be saving on our mortgage ?

[debtdumb]

Hi,we are in an IVA and just received letter saying as fixed rate has ended on mortgage our payments will go on SVR which will reduce payments by nearly £200/month.What happens with the money we will be saving please?

[luluj]

Hi ...you will need to discuss this with your IP as your I&E is likely to be reviewed and a new payment plan agreed to accomodate the potential increase in disposable income....let us know how you get on.

[Shining]

Hi, I answered on your other post...do talk to your IP, similar happened to me within the IVA and my payments increased x

[MelanieGiles]

If your IVA follows the IVA Protocol you can expect your monthly payments to increase by half of the mortgage saving - ie £100 leaving you to keep the remaining sum. Do check with your own IP to be sure, and you should notify them now rather than waiting for the annual review.

[back on track]

mels right exactly what happened to us and we was 50% 0f the saving better off.but mel what should happen at the next reveiw?