hi 2 all i have been in our iva 4 5mnths but i altered my morgage to interest free so i can save the xtra money to pay the morgage off when due at a better rate would this efect my iva and do you inform your ip
If you have changed your mortgage payments then you need to inform your IP and I am pretty sure that you will have to pay this extra across to your IVA.
One of the experts will advise further.
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.
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Not sure about the logic of that one! Mortagage interest rates are at an alltime low now, so now is the best to pay as much capital off and not when rates begin to rise again. Also the temptation of savings may occasionally be hard to resist!
Your creditors would certainly be entitled to the savings. By switching to interest only you are reducing the amount of equity that could be available in year 5 as your mortgage balance will not be coming down.
You should inform your IP before this becomes a major problem.
