We owe about 15000 on credit cards and over drafts, We went from earning about 40000 a year three years ago to under 20000 a present.
We r managing to keep up negotiated payments on the cards but the overdrafts r killing us.
Our priority bill are up to date, including the mortgage. What happens with our mortgage if we take an IVA.
You continue on paying the mortgage as normal as this is a priority expenses. Then in month 54 you see if it is possible to relase equity [if there is any] otherwise the IVA continues on. You are rarely asked to sell your home although HMRC for example do demand this at times so get some free advice from an insolvency firm who can answer all your queries.
We continued paying all bills like mortgage, gas, elec, council tax, insurances etc, but stopped paying credit cards, loans and store cards. I changed my bank account before the IVA started as I owed loans, credit card and overdraft to the bank I was with, and they might have frozen any cash that was available to them. I did owe money to Santander for loans, and I also have my mortgage with them but this has never been an issue.
getting there ....
Got there!!
IVA started 27/10/2010
final payment 27/10/2015
CC received 6/5/16
Off the register 5/8/16
Hi Ian they will be informed of the IVA by your IP but will continue to rely on their security. That means you must continue to pay the mortgage on time etc in the usual way to prevent the house from being reposessed etc. I am presuming there is no or little equity in the property. If I have assumed incorrectly and there is material equity this may change the position.
