Iva & mortgage repayment holiday

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stu1970

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Post by stu1970 » Wed Mar 25, 2020 11:53 pm
My question is I have an Iva and a mortgage and with what’s happening right now What are the changes of me getting a repayment holiday from then my mortgage is with TSB
s marsh

Foggy

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Post by Foggy » Thu Mar 26, 2020 8:49 am
A repayment holiday from your mortgage is a matter for your lender. Depending on the reasons a payment break from your IVA provider might be agreeable --- in either case the missed payments would be tacked on at the end of the terms.

One or other might even be offered as part of a government package as things develop. However I would say that, in any given situation, we are gven a finite number of lifelines -- do not use them up hastily.
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

stu1970

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Post by stu1970 » Thu Mar 26, 2020 9:49 am
Thank for the info. I was just worried the people in an IVA would not be allowed to take mortgage repayment holidays
s marsh

Foggy

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Post by Foggy » Thu Mar 26, 2020 11:09 am
Thu Mar 26, 2020 9:49 amstu1970 wrote:
Thank for the info. I was just worried the people in an IVA would not be allowed to take mortgage repayment holidays
It would depend on the circumstances as, for the months you are not paying the mortgage you would, in theory, have extra to go to the IVA --- But these are unprecidented times.
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

Ajackson1707

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Post by Ajackson1707 » Fri Apr 03, 2020 4:17 pm
I was also wondering this, just got told I'm taking a 20% cut and its gonna be pretty tight, was hoping this "holiday" would create some breathing space. Did you ring your IVA company and ask about taking a mortgage holiday?

kallis3

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Post by kallis3 » Sun Apr 05, 2020 4:51 pm
A mortgage holiday would have to be negotiated via your mortgage provider. A payment break with your IVA would be via your IP.
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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