does a iva effect a mortgage

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Duane.mc
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by Duane.mc » Mon Jan 18, 2010 2:34 pm
does a iva effect a mortgage ,only we come outof a fixed rate in may would we have to staywithsame lender,also do employers have to be informed about a iva ?

 

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Michael Peoples
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by Michael Peoples » Mon Jan 18, 2010 2:56 pm
Hi Duane and welcome to the Forum.
In an IVA you are expected to continue paying your mortgage and as and when your deals finish there is nothing to stop you from negotiating new ones. However, your credit file will be damaged so if you switched to a new lender it would be at adverse rates so in most cases it is better to stay where you are.

Your employer will not be notified by the insolvency practitioner so it is only an issue if you have a contractual obligation to do so. Speak to an IP firm for some free advice and answers to all your questions and good luck with your proposal.

 

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MelanieGiles
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by MelanieGiles » Mon Jan 18, 2010 8:28 pm
Your employer would need to be informed if they were a creditor - for instance if you worked for a bank to whom you were indebted - but this is the only time that this would have to happen.
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