Do you included Mortgage in debts?

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Post by gaynor.rd » Thu Aug 26, 2010 6:39 pm
Do you included Mortgage in debts? (It's the credit cards + loan that are crippling me) I have a repayment (7 years left) plus an endowment which matures in 3 years, but will not cover the origional mortgage so to meet the shortfall will have to remortage then, and as it is within the 5 years of IVA, will it affect my ability to remortgage?


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Post by MrsKnight » Thu Aug 26, 2010 6:43 pm
Hi there & a warm welcome to the forum from me.

Yes a mortgage is built into your IVA but Im unfortunate to not have much experience on this side of IVAs.
Please be assured there are some wonderful experts on here whom will be able to advise you.
Final IVA payment made in April 2013, never ever thought we could do it or get through it but we did! X

An Mentor is someone sharing from their experiences of dealing with debt

Lyns x


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Post by Shining » Thu Aug 26, 2010 9:10 pm
Hi, your mortgage payment must be maintained within an IVA to protect your property.

In today's climate it could be difficult to remortgage whilst in an IVA.

I would talk to 2 or 3 companies to get some all important professional, impartial advice..

Try for a list of companies and some reviews of these.

Our professionals who post on the forum also come highly recommended.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.


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Post by size5 » Thu Aug 26, 2010 10:48 pm
Speak to an IP firm directly to discuss your options. Creditors have the final say as to whether they will accept IVA proposals or not, and there are various factors which need to be considered. For example, endowments can be required to be cashed in and the proceeds used to give the creditors a better return. This is not a given, but certainly needs considering.

You may be better looking at a DMP, converting the mortgage to capital and repayment and using the proceeds of the endowment to negotiate short settlements of the unsecured debts. When the endowment payment is finshed, and consequently the DMP payment as well, then that money can be used to reduce the remaining balance on the mortgage.

I am speculating, of course, but a professionally trained eye, preferably 2 or 3, looking at your situation would be a good place to start.

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