Reserve Mortgage

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Tracey

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Post by Tracey » Thu Aug 19, 2010 7:42 pm
Hi,

I just wondered if anyone can help with this enquiry. I have a mortgage which I pay every month but then I have a reserve mortgage which I also pay every month. I have a limit of about 12,000 and the amount outstanding is about 10,200. I pay every month to this account and interest is charged accordingly. Over the last 2 months extra bills etc have cropped up and I have not paid into this account because it is not an account which you have to pay monthly. The only thing is obviously if you don't pay one particular month you balance does not go down and interest is still charged. It has given us a bit of breathing space over the last two months but now I am wondering if this will get us into trouble with the IVA company. This payment is included in our monthly expenditure because it is a secured loan. Technically I have not borrowed money but interest has been applied which means the balance has gone up slightly.

Sorry if I confuse anybody!!!

Thanks
Tracey
 
 

Shining

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Post by Shining » Thu Aug 19, 2010 8:08 pm
Hi Tracey, I'm sorry I'm not familiar with reserve mortgages but will keep this bumped up for another poster to comment on x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
 
 

Julie

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Post by Julie » Thu Aug 19, 2010 8:08 pm
Hi Tracey,

I'm not familiar with this type of mortgage sorry, but hopefully a professional will be able to advise you xx
 
 

kallis3

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Post by kallis3 » Thu Aug 19, 2010 8:16 pm
I've no idea either.

Hopefully someone will pick up on this.
Sharing from experiences of dealing with debt
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Tracey

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Post by Tracey » Fri Aug 20, 2010 8:20 pm
Hi,

Has anybody else got any ideas?

Thanks
Tracey
 
 

Shining

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Post by Shining » Fri Aug 20, 2010 10:01 pm
We'll bump it up Tracey and hopefully a professional will have an answer for you x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
 
 

Tracey

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Post by Tracey » Sun Aug 22, 2010 12:07 pm
Thanks Lesley.
Tracey
 
 

plasticdaft

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Post by plasticdaft » Sun Aug 22, 2010 7:14 pm
If you have an allowance within your monthly income and expenditure for this secured loan and you havent used the money to pay it your IP may not be overly pleased,but its really would be adviseable to let your IP know and if you are struggling again ask about a payment break from the IVA(easier to sort out than many people would think).

Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
 
 

plasticdaft

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Post by plasticdaft » Sun Aug 22, 2010 7:16 pm
If you have an allowance within your monthly income and expenditure for this secured loan and you havent used the money to pay it your IP may not be overly pleased,but its really would be adviseable to let your IP know and if you are struggling again ask about a payment break from the IVA(easier to sort out than many people would think).

Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
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