Mortgage Payment Holiday

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Its_a_long_road

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Post by Its_a_long_road » Sat May 22, 2010 9:34 am
I would like to take a mortgage payment holiday as my car needs some quite major repairs such as suspension and sorting out alloys which are cracked and could buckle.... Would I need to hand over any money into the IVA or would I be ok as I would still be making normal payments into the IVA.
Any advice would be much appreciated, thanks!
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kallis3

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Post by kallis3 » Sat May 22, 2010 9:38 am
Hi,

I think you will be ok as you are using the money to make repairs to the car.

Best to just query it with your IP to make sure though. The only other thing is a payment break from your IVA and I think the mortgage one is preferable.
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kaza

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Post by kaza » Sat May 22, 2010 8:50 pm
Hi,

I asked my IP this month and was told no. I have had a £500 bill for my car. I was told that the mortgage company would need permission for the IP to go ahead with the payment holiday.

I was told the only thing I could do is extend my IVA to allow a payment break. This was not an option I wanted as they wanted my to extend by 12 months!!!

Although I just think its a standard answer from my company, they haven't been the most helpful and go against most of the advice from this forum. Luckly I managed through as I had done some OT at work, but I still need to pay 50% of that back and we lived of beans and toast for a month and made lots of excuses for the kids to have tea at my mums so at least they ate.......my and hubby had to miss out on meals!!!

Good luck drop your IP a line and let us know how you get on xx
 
 

Shining

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Post by Shining » Sat May 22, 2010 8:59 pm
http://www.iva.co.uk/forum/topic.asp?TO ... ment,break

Another post which indictates a mortgage break is preferable to an IVA payment break. x
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Daveyboi

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Post by Daveyboi » Sun May 23, 2010 2:40 am
Sorry they said they could give you a payment break for one month and you have to extend by 12 months for the privelege is that what they told you? What a load of farce that is if that is the case. I'd rather eat beans on toast for an extra month than give them a year for the privelege of one months break how rude is that. I am hoping I read your post wrong cause that is beyond ridiculous.
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marky b

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Post by marky b » Sun May 23, 2010 7:54 am
we have just taken a two month payment break due to the demise of our central heating. The missed payments will be added on to our balance the next time interest is calculated which thankfully is not until 2013 as we are on a fixed rate. It was done with prior consultation with our ip and we had to do an in/ex over the phone with the mortgage company. not sure i would have considered it for suspension and tyres though, surely ebay is your freind. hope it all works out anyways.
 
 

kallis3

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Post by kallis3 » Sun May 23, 2010 8:01 am
I always thought that if you took a payment break then that payment or payments were just added on to the end. Can't see how they can work that out to an extra 12 months payments.

It would have to be an IVA break for me though as we're not allowed payment breaks on the mortgage.
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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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marky b

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Post by marky b » Sun May 23, 2010 1:57 pm
Thats what i thought kallis but i think a missed payment on your mortgage would be added on the next time they calculate the interest on your balance.
one or two missed iva payments i would have thought would have been at the discretion of your ip as long as you agreed to catch up, im just guessing though.
 
 

kallis3

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Post by kallis3 » Sun May 23, 2010 2:14 pm
Ok, your mortgage payment would be added on with interest but it would be over how ever many years.

I think it depends on your IP as to what happens with arrears. If you can catch up, then great. You would need to find out what difference it would make as I would not like to have an extra 12 months added on!
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.
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Daveyboi

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Post by Daveyboi » Sun May 23, 2010 3:22 pm
Precisely another 12 months for one months grace is disgusting I really hope this is not the case maybe Mel, Andy or one of the other reps could shed some light if this actually happens to people.
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kaza

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Post by kaza » Sun May 23, 2010 6:38 pm
Hi,

My IVA company told me they would decline an application for a mortgage payment holiday even though I have that facility with my mortgage provider (Northern Rock) They said the only way I could get help with the money for my car was to have a variaition meeting.....which cost £500 (the price of the car repairs) then put the costs onto the balance of the IVA, they would recommend the costs £1000 spread over an extra 12 months!!!!!

Only 6 months in with my I&E wrong therfore leaving me a defict of £100 per month, how do they expect me to save money each month for car/house repairs??

Hopefully when I get to my annual reveiw the deficit will be sorted and we will have a bit more money to live of and even have enough for food every night.

On a positive note.....the six months has gone quick, I just hope the next 4 1/2 years fly by then we can be debt free and £800 per month richer[:D]
 
 

Skippy

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Post by Skippy » Sun May 23, 2010 6:40 pm
What a ridiculous attitude from your company Kaza, and I hope I don't upset anyone, but to me it sounds like an easy way for them to make money!

Have you asked them to review your I & E?
 
 

kallis3

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Post by kallis3 » Sun May 23, 2010 8:09 pm
I hope you can sorted kaza. Good luck.
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
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