Perhaps Lizzie of Payplan can throw any more light on the advice given to this client if she picks up the post on Monday. So far as I am aware, mortgage shortfalls are mortgage shortfalls in their full entirety unless written off formally by the lender or debt purchaser.
I hope she can pick up on this. If that were indeed the case then most of us would hand our keys back if we weren't expected to pay the shortfall!
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.
Bob Marley. http://kallis3.blogs.iva.co.uk
It may not be as bad - mine just stated that I was in a 'special arrangement' with various companies and just that I was a few months behind in payments.
It did not stop me from getting further credit though.
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.
Bob Marley. http://kallis3.blogs.iva.co.uk
These days a default is a default. Creditors don't seem to care about repayment style anymore...just look at how ivas have been downgraded and are now the same as BR to all intents and purposes. When I started my iva, people in them could still get mortgages! Now that's a pipedream.
Mine at the time hadn't defaulted, I was just a few months behind with the payments. Times may well have changed, it was 2006 when I started the DMP.
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.
Bob Marley. http://kallis3.blogs.iva.co.uk
I would say that if you have a mortgage shortfall then it must be paid back, if it before the IVA then it will be included, if not then you must come to an arrangement with the lender.
Purpleash22 if you are still around could you possibly email me so that I can look into your case. My email address can be found on my profile.
I am trying to look into this and as soon as I know anything I will let you all know!
Now managed by Jane Clack - Payplan Company Representative
A mortgage shortfall is a debt in an IVA whether it was incurred pre or post appointment, so I am not sure that coming to an arrangement with the lender is necessary.
