Do I need taking to consult my IP before taking out another fixed mortgage rate ?

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DdD73

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Post by DdD73 » Thu Oct 30, 2014 4:23 pm
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I am in an IVA, do i need to consult my IP before taking out another fixed mortgage rate which would ensure that my payments remain the same.
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Michael Peoples

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Post by Michael Peoples » Thu Oct 30, 2014 4:35 pm
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It would be worthwhile advising your IP to get their consent. While I doubt the IP would have a problem there is a possibility that this would create an early redemption penalty and thus reduce any equity available in month 54. It would therefore be worth getting IP approval.
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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Foggy

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Post by Foggy » Thu Oct 30, 2014 6:15 pm
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There should be no problem, but, during my IVA, I always took the line of informing my IP of everything, so there could be no nasty surprises or misunderstandings.
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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Shining

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Post by Shining » Thu Oct 30, 2014 6:30 pm
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I go with what the others say to keep them in the loop and all should be fine.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
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