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Posted: Thu Jul 23, 2009 12:35 pm
by michael_b
if in an iva would the monthly payments go up as a result of a drop in my interest on my mortgage
Posted: Thu Jul 23, 2009 12:40 pm
by kallis3
Hi,
If your mortgage payments go down, you should inform your IP and it is possible that your payments will go up.
Similarly, if your mortgage goes up, then your payments should reduce.
Posted: Thu Jul 23, 2009 12:48 pm
by Jinx
It depends on the scale & how much the difference is.
Jan is right, you should inform your IP. Though I generally only informed mine of flucuations at the annual review stage & was never questioned about it!
Posted: Thu Jul 23, 2009 12:50 pm
by kallis3
Mine only alters once a year, fortunately that is just before my annual review!
If it did, then I would contact the IP just to inform them - the rest is up to them.
Posted: Thu Jul 23, 2009 10:31 pm
by Skippy
To be on the safe side I would let your IP know when the change happens rather than waiting until the annual review. At least you'll have no nasty surprises at annual review time!
Posted: Thu Jul 23, 2009 11:58 pm
by MelanieGiles
You can definately expect your payments to be adjusted if your mortgage rate reduces, but this may also be an opportunity to revisit other areas of your expenditure to see if you are adequately provided for.
And do remember that mortgage rates may also rise in the future so your payments may well have to be adjusted back at some time in the future.