I have an IVA and jointly have a mortgage. What happens when mortgage payments reduce ?

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Anth55

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Post by Anth55 » Tue Apr 15, 2014 4:26 pm
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I have an IVA and jointly have a mortgage with my partner. the interst has dropped on the mortgage payment. i understand the amount saving from the existing mortgage will have to go the the IVA BUT as the house is jointly owned will I only have to pay half?
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Foggy

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Post by Foggy » Tue Apr 15, 2014 4:30 pm
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Hi. I imagine that only your half of the mortgage payment is included in your allowances in your I&E. So only the saving on that half should be of any interest to your IP.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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ClareSilver

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Post by ClareSilver » Tue Apr 15, 2014 4:32 pm
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Are both your income and expenditures included on your financial statement or just yours?
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Michael Peoples

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Post by Michael Peoples » Tue Apr 15, 2014 4:41 pm
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It is possible that this will not be come an issue untilt he annual review stage and dealt with then. At this time only 50% of your own additional surplus would be paid into the IVA but it depends on your individual proposal so you need to speak to your own IP.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
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