mortgage break

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wantmylifeback

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Post by wantmylifeback » Tue Aug 17, 2010 8:29 am
Our mortgage allows us to take a mortgage break each year for one month. We used it when I was on maternity leave before the IVA. Are you allowed to take a mortgage break whilst in an IVA and if you are do you have to pay it then into the IVA or can you keep it? Also as the mortgage payments then go up by a couple of pound a month would this be allowed. We ask this as we have two young children, boy and girl sharing a small bedroom. Our daughter is getting too big for her cot and needs a bed and then to give them a bit of space in a year or so as it really is cramped, no space for a wardrobe or anything we were hoping to buy bunk beds. There is no way the iva allows for things like this and also to be able to put the money aside for contingency's. I haven't even asked the mortgage company if we can do because there is no point if we then have to hand it into the IVA. Anyone know?
 
 

kallis3

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Post by kallis3 » Tue Aug 17, 2010 8:33 am
I would speak to your IP about it as I'm not sure how things stand.

Instead of doing that though, you could always think about taking a payment break from your IVA.

You could also consider using something like Freecycle to see if you could get something which would be free, all you'd have to do would be to collect it.
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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.
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wantmylifeback

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Post by wantmylifeback » Tue Aug 17, 2010 8:41 am
I think we would be able to scrape together to get the toddler bed, have seen a real bargain for £99 with mattress and bedding and everything all in. The bunk beds seem to be about £400 though as it seems that it is the mattresses that cost the money. I have never heard of freecycle. It maybe that we could get the bunk beds doing that then buy the mattresses as I know they say you shouldn't really use second hand mattresses with children. thank you
 
 

kallis3

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Post by kallis3 » Tue Aug 17, 2010 8:44 am
If you Google Freecycle, you can register in your area and see what is about. It may save you a lot of money.

I would certainly get new mattresses anyway, I'd never use a second hand one unless I knew where it came from.
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
 
 

deepinit

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Post by deepinit » Tue Aug 17, 2010 9:51 am
Hi

I asked that question to my IP and they replyed that they have nothing to do with mortgage as it is a secure debt and it would not affect my IVA if i took a payment holiday, my mortgage company just wanted a letter from my IP saying it was ok so just sent emailed reply from IP and they have agreed to let me have the payment holiday.
 
 

wantmylifeback

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Post by wantmylifeback » Tue Aug 17, 2010 10:34 am
Really, it certainly would help us out with the children's furniture etc. I may invistigate in case we get desperate at some stage. Thank you
 
 

MelanieGiles

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Post by MelanieGiles » Tue Aug 17, 2010 9:30 pm
Mortgage companies will always seek permission from IPs with regard to authorising payment breaks - we are happy to do this for our own clients so I cannot see why your IP cannot.

Getting new beds for the little ones seems a pretty high priority to me, and if you are prepared to ask for a mortgage holiday to fund this then your IP should be helping you.
Regards, Melanie Giles, Insolvency Practitioner
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