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Posted: Tue Apr 15, 2014 4:26 pm
by Anth55
I have an IVA and jointly have a mortgage with my partner. the interst has dropped on the mortgage payment. i understand the amount saving from the existing mortgage will have to go the the IVA BUT as the house is jointly owned will I only have to pay half?
Posted: Tue Apr 15, 2014 4:30 pm
by Foggy
Hi. I imagine that only your half of the mortgage payment is included in your allowances in your I&E. So only the saving on that half should be of any interest to your IP.
Posted: Tue Apr 15, 2014 4:32 pm
by ClareSilver
Are both your income and expenditures included on your financial statement or just yours?
Posted: Tue Apr 15, 2014 4:41 pm
by Michael Peoples
It is possible that this will not be come an issue untilt he annual review stage and dealt with then. At this time only 50% of your own additional surplus would be paid into the IVA but it depends on your individual proposal so you need to speak to your own IP.