i am thinking of applying for an IVA

Get expert opinion. This is the place for new questions to be posted.
3 posts Page 1 of 1


User avatar
Posts: 1
Joined: Tue Jul 20, 2010 7:58 pm

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


User avatar
Forum Expert
Posts: 77170
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom

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

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.


User avatar
Industry Expert
Posts: 47612
Joined: Tue Jan 09, 2007 10:42 am

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
3 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”