I've just started an IVA with my wife paying £687 per month. Our mortgage is interest only and we pay around £650 per month.
We are both 42 and really to switch our mortgage to repayment quite soon. Are we able to do that and then as a result pay less under our IVA? Our mortgage would increase to around £1000 per month if we did this
You will struggle to switch to repayment during the IVA,was this discussed at all with your IP during the setup of the IVA? Anything that may result in creditors getting less usually has to be put before them and I cannot imagine they would be happy with allowing you to change your mortgage to repayment at their expense.
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.