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Posted: Mon Dec 05, 2011 10:21 am
by Clairbare
We are in an IVA, our mortgage rate is due to change in a few months and I have been given some quotes by the mortgage company. If you are on a standard variable rate, how does this effect the IVA?? Do you have to inform the company each month of your mortgage payment??
Thanks for your help [:)]
Posted: Mon Dec 05, 2011 10:34 am
by plasticdaft
If your mortgage payment goes down it will free up extra for the IVA pot. Let your IP know when the rate is due to change.
Paul
Posted: Mon Dec 05, 2011 10:41 am
by Clairbare
What is the % I would need to add to the IVA pot, does it vary - or will they take the difference?
Posted: Mon Dec 05, 2011 11:16 am
by kallis3
You need to give them a call - they may take 50% or they may want it all. Only your IP can help you with this.
Posted: Mon Dec 05, 2011 11:24 am
by Clairbare
thanks
Posted: Mon Dec 05, 2011 11:54 am
by plasticdaft
I would expect them to want it all,equally when the rates go up(been waiting for this for a long while now but will happen eventually),your payment into the IVA should reduce accordingly.
Paul