I am about to enter into an IVA but first need to move my variable rate mortgage to a fixed rate product (so as to fix my payments, currenlty a sharp rise in interest rates could see my monthly payments increase and I would be unable to meet my IVA payments) has anyone any experience with this situation / can anyone recomend a provider who would be willing to take me on? I have never missed a payment on any of my cards loans or anything else...
I would suggest speaking to your own lender as this would keep costs down. There may be better rates available elsewhere but these tend to be available if there is substantial equity and a perfect credit history. You would probably fail with another lender if they carried out an affordability study.
Having had a little more time to read around the forums here (thanks guys, there really is alot of usefull information here) I see that the IVA payments could be renegotiated if I were hit with higher mortgage payments. My next question would be - would anyone here rate Think Money group for arranging my IVA? They are the only people I have spoken to so far.
Don't know about Think Money, so cannot comment, but I would suggest you speak to at least another IP to get a feel for the process and for other IPs -- after all you wil be stuck with them for 5 years !!
There are several IPs who regularly post on here and come highly recommended. A chat costs nothimng and you might find someone you are more comfortable with, or at least have what Think Money are telling you ratified.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I am with Freeman Jones, part of the Think Money group, I have been in my IVA coming up a year now, I have found them great to deal with, efficient and always available on the phone.
I only speak from my experience though, and as Foggy says it's best to shop around, and always find something thats right for you.
I'm new here but I suggest you talk to at least one more company. The first I talked to sounded nice and helpful but they wanted an upfront payment of £500. This made me suspicious and I checked links on the internet related to them. There were lots of negative comments...and they promised unrealistically small monthly payments. Even if the Think Money are very good it always is good to hear another opinion.
We are with with freeman jones (part of the think money group)- fantastic company and would highly recommend them.
I would still look at a couple of other companies just to be sure you feel you have made the right decision.
full and final accepted January 2015
iva agreed; August 2010
iva would have completed; August 2017
extra year thank's to NRAM
Hi Chris, don't bank on the IVA payment being flexible if mortgage rates go up and hence your mortgage payments go up. It is not that simple. This may extend your IVA or even force a variation (that may or may not get accepted). Speak to an IP and see what they recommend but would def be easier if you mortgage payment was stable.
I would certainly speak to one or two more companies. Visit www.iva.com for a list of companies and reviews. The advice is free and impartial.
The IVA payment should be flexible when things like mortgages go up. This is going to be happening a lot shortly when the interest rates rise.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
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