Clarification would be appreciated.

[acsn]

Hi,
Had an IVa approved January of this year. 40p on the £ for £129,000 of debt, what a relief. Luckily no charge against my property. But, part of the income taken into account when calculating the monthly reayment was money from a lodger, because of 2 interest rate rises since January I have increased their rent from £600 to £700 to help cover the already £150 month increase in my mortgage. When the annual review comes round will the IP take into account the increase in the mortgage and offset this against the increase rent from the lodger or am I likely to have to pay more to them each month. Should I tell them now. The mortgage rate has just gone up again so the rent increase has been well and truely cancelled out.
I not sure, but did get the impression they would only look at my salary slips at the end of year review to ensure I had not been paid overtime or bonuses which I haven't, they didn't mention bank accounts.
Clarification would be appreciated.

[MelanieGiles]

Hi acsn and welcome to the forum

Your IP will definately set the one off against the other, and well done for being able to make these increases to cover your higher mortgage payments. I do not feel that you need to tell them now, providing you are able to maintain your IVA payments, but quick e-mail would not do any harm just to put them in the picture.

I am sure that they will not require bank statements - I certainly don't ask for these unless I want to query something specific.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[Adam Davies]

Hi
You will fill in a fresh income and expenditure form at the yearly review and as Melanie states the extra income from the rents will be cancelled out by the increased mortgage.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[acsn]

Thanks for the information. One final thing it seems to be impossible to get Halifax to accept the IVA. In the latest twist they seem to have sold the debt to a collection agency, who are threatening all sorts including court action. Does it normally take 7 months , 6 letter from the IP, numerous polite telephone calls from me to get organisations to accept the agreed plan. I am sending the latest letter off to the IP to try and sort it out.
But, Am I right in thinking that as the IVA has been approved and registered there is no way they can take this to court.
They did not vote at the creditors meeting but were invited . All who did vote voted in favour.
thanks again for the reassurance.

[zoe]

Hi there
I would speak to your IP - surely there is something more that they can do to get this sorted out!
If Halifax were notified of the meeting and didn't vote they are still bound by the decision.
Can your IP not speak to someone high up there and perhaps fax the details?
Hope this helps
x


Zoe
x
Keep your chin up - everything happens for a reason!
View my blog http://zoes.blogs.iva.co.uk/

[MelanieGiles]

As Zoe rightly says Halifax are bound by the IVA, and your IP ought to be dealing with this for you. I suggest you write a firm recorded delivery letter to the debt collection agency stating your position, and confirming that you do not intend to engage in any further correspondence. Copy this to your IP for their information and insist that this is sorted out for you.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[acsn]

Melanie ,

I have read many of your posts today and you really are the most informative and compassionate person. In fact so many people posting on this site are.

Apart from the man with the thing about the poor woman's horse.

I have emailed and sent off the collection letter to my IP today. Don't get me wrong they have been very supportive, being the most high profile IPs in the country they couldn't be anything else.

They put a huge effort into getting Mercers off my back ....another story.

It all just get's me down now and then. 66 months (how I got out of the equity release), well 59 now, seems such a long time. I know my situations no ones fault but mine but sometimes having £50 a month left after paying bills seems a high price to pay to have a debt free retirement.

[b]remember: they're credit limits not credit targets.[:D][/b]

[Adam Davies]

Hi
There is no doubt about it IVAs are very hard and it seems a long way off for you.However the rewards really are worth it and to be totally debt free and still a homeowner in less than five years is something that most people will not be.
Good Luck

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[aguise]

Hi acsn
I know what you mean but try to look at how it would be without the iva, rather than £50 left at the end of the month, ther probably wouldnt be enough to get through the month. Its hard but peace of mind is more important and look at how nice it will be when we finish.
( I started ours in Dec, so we finish nearly the same time)
Stick with it

Ang