i am thinking of applying for an IVA

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sean.de

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Post by sean.de » Tue Jul 20, 2010 7:58 pm
i am thinking of applying for an IVA..at present my mortgage is INTEREST ONLY.i am hoping that my cicumstances improve soon so that i can get back to a repayment mortgage,am i allowed to do this
 
 

kallis3

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Post by kallis3 » Tue Jul 20, 2010 8:03 pm
Hi,

If you are interest only and go for an IVA then I think you would be expected to remain on that for the duration of the IVA as it will free up more money for the creditors.
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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MelanieGiles

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Post by MelanieGiles » Tue Jul 20, 2010 9:06 pm
Would you be able to afford to revert to a repayment mortgage and make ongoing monthly payments to creditors? If so you should perhaps consider changing back to repayment, but if you enter into an IVA on the basis of an interest only mortgage it is unlikely that creditors will support a change post-IVA.
Regards, Melanie Giles, Insolvency Practitioner
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