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Posted: Fri Sep 07, 2012 7:53 pm
by debtdumb
Hi,we are in an IVA and just received letter saying as fixed rate has ended on mortgage our payments will go on SVR which will reduce payments by nearly £200/month.What happens with the money we will be saving please?
Posted: Fri Sep 07, 2012 7:56 pm
by luluj
Hi ...you will need to discuss this with your IP as your I&E is likely to be reviewed and a new payment plan agreed to accomodate the potential increase in disposable income....let us know how you get on.
Posted: Fri Sep 07, 2012 8:58 pm
by Shining
Hi, I answered on your other post...do talk to your IP, similar happened to me within the IVA and my payments increased x
Posted: Sat Sep 08, 2012 7:16 pm
by MelanieGiles
If your IVA follows the IVA Protocol you can expect your monthly payments to increase by half of the mortgage saving - ie £100 leaving you to keep the remaining sum. Do check with your own IP to be sure, and you should notify them now rather than waiting for the annual review.
Posted: Sat Sep 08, 2012 7:20 pm
by back on track
mels right exactly what happened to us and we was 50% 0f the saving better off.but mel what should happen at the next reveiw?