I am 55 years old I am in IVA which should be finished in August. I have 65,000 to pay on my mortgage. I am paying 286 a month. how can I pay more on a loan when I don't have the money and it will put me more in debt
Technically speaking it won't put you into more debt as the debt in your IVA still exists - it is written off at the end once all of the conditions of the IVA have been met. In terms of the repayments, all lenders I am aware of will insist that the IVA is settled once completion of any new mortgage or loan takes place so the IVA contributions would then stop. According to the IVA Protocol, the new repayments shouldn't exceed 50% of your IVA contribution, unless you agree otherwise (sometimes it's more suitable to you to do so but this is entirely up to you). That means that the £286 would stop and be replaced by a maximum of £143....and your IVA could be completed.
Specialist Mortgage Advisers. Highly Commended at the British Mortgage Awards.
Also remember that the term of the new loan they offer cannot go beyond your current mortgage term or state retirement age, whichever is the later. Depending on which terms you have, you may not be obliged to take a secured loan, but will, in that case, have the IVA extended by 12 months.
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