No longer newtoallthis! I competed my Iva almost 3 years ago but have the following question.
When I started my Iva I was forced to change to interest only mortgage to release more to the monthly payment. When I finished my Iva my current lender would not change it back to repayment because of the Iva. My question is that basically I have hardly paid anytiing off my mortgage in that 9 years therefore losing a lot really as still owe all that extra in my mortgage. Should this have been allowed. Looking back now this just doesn’t seem right!
The morals might be open to interpretation, but the IVA was a rescue mission and things needed to be done. Unfortunately, for whatever reasons, you owed the money to your creditors but you dealt with that and these things never come without some cost to our lives.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014 http://foggy.blogs.iva.co.uk
It may well be that there's a much better deal with another lender. However if you do wish to stay put, you could look at 2 other alternatives; either make additional payments of capital to reduce the balance or otherwise you could argue that they aren't treating you fairly (which they are obliged to do by the Financial Conduct Authority) and ask them specifically why they won't allow you to do this.
Many people have been put in a similar situation unfortunately.
As has already been stated it may be possible to re-mortgage to a different Lender and do a full repayment mortgage on an affordable term for you, if not make the most of the over payments if you are able.
IVA Mortgage Expert
Zebra Money Centre