www.iva.co.uk

Hi everyone!!
My rate with C&G is finishing end October I have a dilema...I really want control of mortgage rate and would prefer to fix my rate again. The C&G have offered me a two year fixed, which would increase my payments by about £100. My problem is I have only 20 months to go on IVA and there will be a penalty to pay if I leave rate early. I have to try and remortgage in 4th year and release any equity....although this looks less likely as the credit crunch bites. I have no real interest in finishing IVA early as I have done well and actually enjoyed the challenge and the obvious huge financial adjustment. I appreciate how much things cost now and have survived without the dreaded credit card. I do however feel scared leaving the IVA and still feel unsure if I would'nt try for a credit card after the 6 year period finishes ....this scares me !! I suppose I feel really licky I was able to get into IVA as it saved my home and our security (me and my son) Any help??[:I]

What is the difference between the new fixed rate payments and the current variable rate? A fixed rate gives you certainty, but the variable rate gives you flexibility.

The one thing I like about a variable rate, is that there are no nasty surprises at the end of a couple of years.

Our fixed rate ends in june next year so we will end up on the tsb standard variable rate. Fortunately we didnt borrow as much as they offered us,so our mortgage isnt that big(our unsecured debts valued 12k more than our outstanding mortgage). It would appear that I made one good financial decision after all. They did offer us 120k but we only borrowed half that amount.