Hi there, i'm seriously considering an IVA as i have gotten myself into unmanageable debt and it's causing me serious stress. I became a home owner earlier this year and the thought of sacrificing my property, which is a joint mortgage really scares me. Is it possible to leave your mortgage alone?
Im sure the experts are waking up after a heavy Friday night!!! but they will have some answers for you.
We are in year 4 of our IVA and our Mortgage has not had any problems.
You need to have a good look on here for anything that you may think will concern you and then speak to a few companys for some good advice regarding your debts.
That's probley one of the hardest things to do but once you been able to have a chat with a good company you will feel a lot better about everything.
We entered an IVA really to protect our family home. Its not all plain sailing but its a good thing to do if you have a steady income and you learn to budget.
Best of luck and ask as many questions as you like on here because there are some great experts on here and its very friendly.
Your lender will be made aware, but allowance is made in your expenditure to keep up mortgage repayments. As long as you service the mortgage properly there should be no problem.
When you speak to prospective companies make sure you fully understand any equity release clause that will be in your agreement. If whoever you are speaking to glosses over this, go to someone else.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
If the debts are all yours and the property jointly owned the other owner must be made aware and agree to any prospective remortgage. Most IVAs are being extended where there is equity but this may change as more mortgage products become available.
