I'm in I itial discussions about an IVA but am wavering a tad. Holmes Financial have proved very nice and helpful. Has anyone dealt with them?
I'm 50k in deb. What are the likely monthly repayments? At the moment I'm paying interest of near on £800 a month. This more than bleeds me dry.
I'm on a 5 year fixed term mortgage. At the end of the term, will I have to go on the standard variable? Guessing I won't get another deal?
Not personally heard of tge company you mention so had a quick look on their companies house records and their website - been in existance since 2013 with three experienced directors by the look of it.
I would however explore other providers too and get a couple of opinions based on your circumstances.
Each iva is individual and based on affordability. It depends on your income and expenditure (not including your current debt repayments) so not so easy to say what your repayment amount would be.
Re mortgage advice - the forum has two mortgage brokers experienced in supporting people in ivas - look for Ryan or Shaun on here to get some personal advice.
Regarding the Mortgage it depends on the Lender and also what happens in the next 5 years to be honest. Some Lenders may let you swap rates or sometimes as a Broker we can also do that with your existing Lender. Swapping to a new High Street Lender though wouldn't be possible until the IVA has completed.
I'm surprised Holmes Financial haven't mentioned this to you already - have they sent you an Income & Expenditure form to complete? Perhaps they are waiting for this to be able to give you an idea of suggested affordable contributions.
Is the interest you refer to on the mortgage or the unsecured creditor debt?
kallis3 wrote:I would rather think it's the normal creditors that Matty is talking about.
If correct then it seems he may be at least £800 a month better off and this would possibly be the minimum amount of contributions set (on assumption he is able to pay the £800 interest currently).
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