Fixed rate mortgage ending

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paul664

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Post by paul664 » Thu Jan 30, 2020 7:23 am
Hi, I took out an IVA about six months ago, I regret doing it, as I'm very worried about when my fixed rate mortgage runs out in a few months.

I have got no credit cards any more as the bank removed from my account even though I paid it off each month.

I am starting to get a little savings behind me, for the first time in my life, but it's not a great deal.

If my car broke down it would soon get used up, of my fridge broke down I would have to go into my savings.

Anyway,
Can you tell me what will happen when my fixed rates finish with my IVA.

Foggy

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Post by Foggy » Thu Jan 30, 2020 7:36 am
Most lenders will convert the mortgage to variable rate and your IP should allow any extra on your agreed allowances.
I am surprised that you are making any savings in the IVA ... most of us don't !
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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kallis3

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Post by kallis3 » Thu Jan 30, 2020 9:10 am
Also you wouldn't have credit cards anymore as all unsecured debt goes into the IVA even if you pay it off. If you have problems with any of your appliances you can always ask for a payment break to help pay towards it.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
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luluj

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Post by luluj » Sat Feb 01, 2020 6:34 am
Your best option will be to speak to your existing mortgage lender to see what new fixed terms can be offered - they may not undertake credit checks as an existing customer.
Sharing from experiences of dealing with debt

There is a solution for everyone .... Just need to stay positive !

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mumof3

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Post by mumof3 » Mon Feb 03, 2020 2:02 pm
Hi my fixed rate ended last year and I was able to go on to another fixed rate with my mortgage provider no problem at all. They sent the letter out to remind me and I just logged on to my account and applied for the rate I wanted.
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