I see what you are saying and you have a point. However if your mortgage rate went up by £100 you would immediately contact the IP looking for a reduction so if the mortgage comes down I think you should inform the IP.
It probably depends on your own proposal but telling your IP would at least keep you right.
Last edited by Michael Peoples on Mon Nov 24, 2014 9:18 am, edited 1 time in total.
I certainly wouldnt wait to inform my IP of £100 extra surplus. If you spend it now and they decide they want a slice its a lot to find.
Let them know,its keeps you right but make sure you get either an email response or something in writing (never rely on anything said on the telephone).
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
We have had a few instances where our surplus has increased mid year pay rises & child tax credits, I always advised Mel's team straight away and was told I could keep increases and would be dealt with at next review, I think it is always better to cover your back though.
Inter-locking IVA approved 25th Feb 2013 - F&F offer Accepted 06th July 2017 - Completion Certificate received 20th July 2017
I would always tell my IP everything regarding my finances, even when they did not want to know, and I am sure they thought I was a pain at times. However, it saved any nasty surprises for me and the IP could do whatever they wished with the information overload.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
It will all depend on how your IVA is drafted so do contact your IP and make them aware. Hopefully they will wait until your next review before making any changes to your payments
At least when rates do increase you can ask for a reduction down to the previous level if there is any uplift to be had. This would not require a variation unless the payments were reduced below the original amount.
True but this whole thing has stressed me out and made me feel on edge again.
Thought I was past that
Worried that they will try to back date or something else nasty.
Though if they did backdate it I'm only looking at £110 so not exactly that scary.
It's the something else nasty, the unknown... I'm sure we've all felt it and continue to do so from time to time but I'm feeling it for real today despite my logical mind.
I have just submitted my details for second review but have also informed them that I have managed to secure a further lower fixed rate interest deal starting Feb 2015 from my mortgage supplier This will reduce my payments by £45 a month. I will wait to see what transpires.
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by MikeyM
I have just submitted my details for second review but have also informed them that I have managed to secure a further lower fixed rate interest deal starting Feb 2015 from my mortgage supplier This will reduce my payments by £45 a month. I will wait to see what transpires.
It'll be interesting to see what comes of it. Is that with CreditFix?
In my case I have to give 50% of any new surplus found at review time into the arrangement. So it's always worth seeking out these deals.
A fresh income and expenditure form is fine and you can then offset some of the surplus into the ever rising costs of utility and housekeeping/fuel charges. So along with putting what you're saving on the mortgage you can increase your expenditure accordingly if this has in fact increased.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by hubert
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by MikeyM
I have just submitted my details for second review but have also informed them that I have managed to secure a further lower fixed rate interest deal starting Feb 2015 from my mortgage supplier This will reduce my payments by £45 a month. I will wait to see what transpires.
It'll be interesting to see what comes of it. Is that with CreditFix?
In my case I have to give 50% of any new surplus found at review time into the arrangement. So it's always worth seeking out these deals.
