10 months from completing IVA, NRAM moving mortgage from IO to repayment.

[Stephanie.g]

Hi, I am 10 months away from completing my IVA and NRAM have now decided to move my mortgage from IO to repayment. I was thinking of taking it to the financial ombudsman as NRAM have made their final decision and was wondering if anyone has had success with this??

[Shining]

Hi and welcome to the forum. NO experience of this personally but will keep it bumped up for another who may have.

[Adam Davies]

Hi

Will it wipe out your disposable income ? are NRAM an unsecured creditor in your IVA ?

You could ask your IP to put forward a variation asking for creditors to accept your payments to date as full and final payment and conclude your IVA

Regards

[Stephanie.g]

Many thanks for the responses. NRAM are one of our creditors and no we would still have £300 disposable income. I haven't asked our IP if we can reduce our payment yet, I guess I am so paranoid that something is going to go wrong so close to the end of the IVA #128542;

[luluj]

If you can finish your iva without amending your payment great but don't leave yourself short x

[Michael Peoples]

NRAM may well be a large creditor within your IVA if you had a 'Together' mortgage. Therefore they would have a large vote in any variation to reduce payments which they would have to support. Speak to your IP as NRAM cannot have the IVA and a switch to repayment.

[Stephanie.g]

Many thanks for the advice, credit fix and going to call a creditors meeting, so fingers crossed x

[MelanieGiles]

I am sure that given that you are in the final year of the IVA, that creditors will support an early closure of the case due to the reduction in your disposable income as a result of the change in mortgage payments. Good luck and do let us know how you get on.

[Stephanie.g]

Still no further forward with this, sent all the paper work to credit fix 2 months ago and they have told me today it could take another 4 weeks to get an answer from the creditors when my mortgage is due next week !! Plus they have just dropped the possibity of a 7th year when no-one has ever mentioned this before, so frustrated I could cry!!!

[Michael Peoples]

Seven years would be really harsh especially if NRAM demanded the interest only switch in the first place. Hopefully your IP will fight your corner and make sure this does not happen.