Wow not bad news afterall

[karen]

Well we had a call from Payplan this afternoon saying that they had managed to persuade Northern Rock to include me in the IVA,they have agreed providing we do the interest only mortgage.
I'm not sure how I feel I thought I would be relieved but I just feel really scared. I always felt that if we didnt manage, rather than fail the IVA we would sell the house and rent somewhere cheaper
to cover the payments on the IVA,however now that we are having to pay much more into the plan it wouldnt give us much room for failure.
SO !!! we will not fail WE CANNOT FAIL please remember I said that.
eeeek........I'm scared.
Karen

[Julie]

Congratulations Karen!

Just make sure the allowances etc are no too tight. I know you want the IVA agreed but you still have to live for the next 5 years.

xx

[oskiee6]

it is scary. i just had my welcome conversation with my advisor. i get my annual pay rise soon and they will take 50% of that. also i have been capped on my gas and electric which will end soon. this will double. thou this will not be taken into account until 11 months from now. for me it is better to suffer 5 years than possibly 20+ years.

there isnt much difference in interest only and renting as you do not get a return on either. best to go for interest only as you keep your home (isnt nice having to move). you can start you morgage after completing your iva.

best of luck!

[kallis3]

Well done Karen, so glad you managed to get an about turn.

Do make sure your allowances aren't too tight though.

Good luck and make sure you keep posting to let us know how you are getting on.