Pension and mortgage completion along with iva completion

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mark659
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by mark659 » Fri Mar 02, 2018 10:12 am
I'm in my final year of my IVA (year 6) and my mortgage is due for completion in a couple of months as I'm on an interest only mortgage I have a pension ready to pay off the mortgage. What is my position with the IVA in regards to this?
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Foggy
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by Foggy » Fri Mar 02, 2018 11:27 am
I assume the equity question has been dealt with, so it will be a case of holding out until you complete the IVA ( for safety's sake) . I have seen at least one other poster in similar circumstances get the lender to agree an extension for a few months.
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mark659
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by mark659 » Fri Mar 02, 2018 5:09 pm
Foggy wrote:
I assume the equity question has been dealt with, so it will be a case of holding out until you complete the IVA ( for safety's sake) . I have seen at least one other poster in similar circumstances get the lender to agree an extension for a few months.

The equity is being dealt with at the moment. I have already approached the lender requesting an extension and they have declined me as they want to know why I can't access my pension until next year. I would like to explain o them about the IVA but they are one of my creditors. Any thoughts?
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luluj
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by luluj » Sat Mar 03, 2018 6:41 am
I am not sure on this but wanted to say well done for reaching this stage !
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kallis3
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by kallis3 » Sat Mar 03, 2018 8:59 am
Your IP would have informed them when you started your IVA so they will be aware of it.
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mark659
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by mark659 » Sat Mar 03, 2018 1:52 pm
kallis3 wrote:
Your IP would have informed them when you started your IVA so they will be aware of it.

I assume you mean my mortgage lender would be aware of my IVA? If that is the case can I sort my mortgage out now or wait until I have my IVA completion certificate and attempt to get an extension on the mortgage?
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kallis3
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by kallis3 » Sat Mar 03, 2018 3:00 pm
Yes, your mortgage company will have been informed. I don't know if you should sort it now or later.
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Foggy
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by Foggy » Sat Mar 03, 2018 3:24 pm
It's a "rock and a hard place" dilemma. If you draw down the pension whilst in the IVA there is a possibility that the money could be snatched to pay the debts, rather than the mortgage. Was this situation thought about when you started the IVA and, if so, what was decided ?
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mark659
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by mark659 » Sat Mar 03, 2018 4:37 pm
Foggy wrote:
It's a "rock and a hard place" dilemma. If you draw down the pension whilst in the IVA there is a possibility that the money could be snatched to pay the debts, rather than the mortgage. Was this situation thought about when you started the IVA and, if so, what was decided ?

No it was not thought about
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