www.iva.co.uk

My mortgage has gone down, and I understand that this will have to be passed on to the IVA, however, once my IVA has increased, will they decrease it as quickly, when the interest rates rise?

I am sure that they will - after all that would have to be fair.

Could I not ultilise the saving and change my mortgage back to a repayment mortgage, as I changed it to an interest only before I started my IVA?

I think its a good idea, but even though the interest rates of gone down, if you got back to a repaymnet mortage this will still be higher than what you interest mortage was a couple of months ago, which means you would not be able to make your payments for your iva

I would run it past your IVA company first, as they might prefer you to pay the extra across.

Don't forget as well that interest rates will go back up again eventually, and will it be as easy for you to change back again if you need to.

It's worth asking your IP.

I'm with Grant Thornton and have been told that I will be losing my job sometime next year but not 100% sure when at this point. I increased my repayments last time the rates went down and was intending to increase them this time but I have no savings. I asked GT whether or not they would take money from me if I tucked some extra away and was told not to increase my payments as I had already done so and because my future is uncedrtain, they wouldn't be asking me for any of the money I am likely to be saving.

I am going to be proposing a full and final next March thanks to my parents offering me a loan so it's really worth speaking to your IP.

I would tell them in the hope that they say it will be reviewed at your annual review !