www.iva.co.uk

In attempting to address my mounting financial problems, I asked my building society if I could move to an interest only mortgage. This was agreed (in early 2007) for a period up until 2012. This initially helped me to cope but was ultimately doomed to failure because of my overwhelming debts.

I subsequently entered into an IVA in late 2007 which I expect will conclude in 2013 rather than 2012 as there is no prospect of any equity release and one of the relevant clauses states that an additional 12 months will be at the discretion of my IP.

In that case, I will need the interest only period extended for a further year into 2013. However, I'm relunctant to approach my building society now in case they refuse to extend this any further or, even worse, retract the arrangement altogether (would they? could they? does it depend on the organisation?). I've been with the same building society for 10 years now and I haven't missed any payments.

So....grateful for your views on whether I should approach them now or might it be prudent to wait until 2012 as there might be a chance, albeit slim I know, that my IVA might finish then instead of 2013?

I definately would not approach your mortgage company now - there is no point as they will not be able to answer your question - and a lot of water will go under the bridge in the mortgage marketplace over the next few years I am sure.

Hi - I don't see what you can gain by approaching the building society at the moment. As the interest only is in place until 2012, I would let sleeping dogs lie...if your IVA does have to extend to 2013, you should know in 2012 and can approach the building society then.

Good luck with your IVA xx

I agree with the others - contacting your mortgage company now over something that is due to happen 2012 is not going to help resolve your query. I know you want to avoid the 6th year - however at the end of the day, what's another year if that is what your proposal says will happen - being debt free by 2013 at the latest isn't actually that long to wait now - by contacting them now and alerting them to the fact you are in an IVA may just jeopardise your current mortgage offer and that is the last thing you want to happen

Thank you all very much. I will take your advice and be patient (well, there's a first time for everything!)