mortage payments might get less!

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baldy

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Post by baldy » Mon Sep 27, 2010 7:44 pm
Hey everybody, just writing different questions regarding our hopefully future IVA.(nearly there).
I was just wondering, next june our mortgage will come off our 5 year fixed period and it will go to a base tracker.
This could poss reduce our mortgage payments by around £200-£300 per month, depending on how the intrest rates go.
Our question is, if our payments do go down by any amount does the whole amount go into the IVA or does the keep 10% then split the rest by 50% apply ?.
It does say in our proposal that the mortgage will change next year but thats it.
many thanks.
Last edited by baldy on Mon Sep 27, 2010 7:48 pm, edited 1 time in total.
 
 

Adam Davies

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Post by Adam Davies » Mon Sep 27, 2010 7:55 pm
Hi
The whole amount of any saving will be added to your IVA payments. It may be prudent to try and obtain another fixed rate over say four years.
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Andam Davies
 
 

baldy

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Post by baldy » Mon Sep 27, 2010 9:48 pm
Now that was not what was put across to me when sorting out our IVA!!!!
We were told 10% than 50-50.
Im going to have to make sure what the position is on this.
Do you think its sensible to actually speak to the IP and not their assistants? IE: from the Horses mouth?
No offence to their assistants!!.
 
 

Adam Davies

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Post by Adam Davies » Mon Sep 27, 2010 9:52 pm
Hi
Only income and not expenses are treated with the 10% and 50/50 rule I'm afraid.
Think there may have been a misunderstanding
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Andam Davies
 
 

kallis3

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Post by kallis3 » Mon Sep 27, 2010 9:54 pm
The 10% and 50/50 normally refers to overtime and bonuses, not savings you can make on your normal finances.
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.
http://kallis3.blogs.iva.co.uk
 
 

baldy

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Post by baldy » Mon Sep 27, 2010 10:09 pm
Thanks Andy and Kallis, just wanted to make double sure! I would have felt the proposal would have made more of a point of this as i would have thought this would be a good selling point (ie more money for our creditors)for our proposal.
 
 

Shining

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Post by Shining » Mon Sep 27, 2010 10:32 pm
I came off a fixed rate and now pay more into my IVA payment as my payment reduced by a fair bit. x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
 
 

Broke of London

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Post by Broke of London » Mon Sep 27, 2010 10:38 pm
Hey baldy, keep going with the questions. I only found the forum a month or so ago and I am learning loads about how these IVA things work.
 
 

kallis3

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Post by kallis3 » Mon Sep 27, 2010 10:41 pm
I've always been on SVR - dreading when the interest rate goes up again.
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.
http://kallis3.blogs.iva.co.uk
 
 

Michael Peoples

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Post by Michael Peoples » Tue Sep 28, 2010 10:02 am
It does not sound like the proposal or the process has been explained very well at all. While it is great that you can and do post questions on this forum, it is wrong that you should have to. Your IP should be giving you all this information and you certainly should not be signing a proposal that you do not understand.

You need to speak directly to your IP and have all your concerns addressed. If you feel that you have been misled or there is confusion the only way to clear this up is by speaking directly to the IP and getting any queries answered in writing.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
 
 

MelanieGiles

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Post by MelanieGiles » Tue Sep 28, 2010 10:40 pm
There is a need for some correction here to the earlier posts perhaps. Under the IVA protocol, if the disposable income increases - ie the surplus left after taking your income and then deducting expenditure - then your payments would only need to increase by 50%. So if the only item which changed were your mortgage payment, then you would only need to increase payments by 50% of the saving.
Regards, Melanie Giles, Insolvency Practitioner
 
 

leaKybrain

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Post by leaKybrain » Tue Sep 28, 2010 11:01 pm
Even more help for me too there, thanks again Melanie. I have a list of questions for Tamsyn but I'm managing to see them all answered tonight LOL

Though I will clarify I promise.
x
 
 

MelanieGiles

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Post by MelanieGiles » Wed Sep 29, 2010 1:40 am
Don't be afraid to call me in the office if you want to ask me anything directly. I'm in all day tomorrow trying to hide away from the hideous Ryder Cup that seems to have overtaken my land. Hate golf!
Regards, Melanie Giles, Insolvency Practitioner
 
 

kallis3

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Post by kallis3 » Wed Sep 29, 2010 8:54 am
You and me both Mel!
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.
http://kallis3.blogs.iva.co.uk
 
 

Michael Peoples

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Post by Michael Peoples » Wed Sep 29, 2010 10:22 am
How can you hate watching golf? I love the Ryder Cup and hopefully can catch a few hours over bthe weekend.

I know Melanie is a big rugby fan which is also about people chasing a ball around a park. At least in golf the ball is round....
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
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