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Posted: Tue Mar 25, 2008 12:24 pm
by tristan
hi at the moment ive got about £40,000 equity in my house my iva repaymenys are £663 per month when it comes to the 4th yr clause is it true that the increase in mortgage repaymenys cant be more than 50% of my iva payment so the most my mortgage can go up by is £331.50 is this right thanks tristan ps my iva started 0ct 06
Posted: Tue Mar 25, 2008 12:36 pm
by sblack
Hi,
I am no expert but as far as I am aware yes you are correct. The extra mortgage payment is taken off your remaining IVA payments if the 40k does not settle your IVA in full.
I am sure an expert will be along shortly to give you a definate answer.
Posted: Tue Mar 25, 2008 8:27 pm
by Adam Davies
Hi
This only relates to IVAs taken out after 1st Feb this year,under the new protocol
Regards
Posted: Tue Mar 25, 2008 8:44 pm
by MelanieGiles
You will need to carefully check the wording and terms and conditions of your own IVA, and also confirm this with your IP to be sure.