Hi. I am at the start of this process and even though I have been reassured by my IP I would really appreciate some advice from real people who have been through an IVA.
I live with my partner and the only joint debt that we have together is the mortgage. He has nothing to do with my IVA, our finances are seperate. We are tied into our current mortgage deal until 2024, will I be able to get another deal with my current lender (we would not be looking for extra money just changing to another deal?).
I'm really worried about any of this effecting him at all, part of me wants to put the brakes on this, I am all over the place with it : (
Different lenders treat IVA's with existing lenders differently, and this also varies over time. Where they will not issue a new 'deal' you will drop into their variable base rate offers ... and with current low interest rates, this is sometimes better than some of the older fixed rate deals.
If you are unable to meet your debt repayments you do need to address this now, rather than slam on the brakes. If not, you could find yourself on the wrong end of a creditors collection procedures which, at worst, could be bankruptcy, which would make home ownership much more precarious.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014 http://foggy.blogs.iva.co.uk