We are in the process of applying for a IVA and we have been told that our mortage company would be informed of this even though we are totally up to date and never missed a payment.Next year we would be due to go automatically onto a really good tracker after our fixed period ends which would enable us to pay even more money into the IVA. Does the IP have to tell the mortage company?. Also do they have to inform our secured loan lender again all payments up to date and never missed. Many thanks.
I have been with Bank Of Scotland before and throughout my IVA and have been able to swap to better deals every time one deal ran out. I assume they know, but they havent treated me any differently at all. Maybe you could anonymously ask your mortgage lender what their stance is. x
The IP must inform the mortgage company because they are a creditor albeit secured. However, in my experience it has not caused problems with getting new deals but the mortgage company will not lend extra funds.
Mortgage companies are generally not interested in IVAs, until it comes to renewing your product when then be difficult. It really does depend on the lender, their current attitude and availability of funding, and what risk they perceive you present. If you have a good track history with this lender, I am sure that they will do the very best they can for you.
Hi,thanks for your replys.Im just making sure that when we hopefully sign on the dotted line for our IVA i have covered everything we need to know,and we know there wont be any nasty suprises along the way!![:D][:D]
