Will mortgage effect my IVA?

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julie438
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by julie438 » Mon May 15, 2017 1:47 pm
Hi I have a mortgage would it effect that and have car on up
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Michael Peoples
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by Michael Peoples » Mon May 15, 2017 3:00 pm
You continue to pay your mortgage and car payments while in an IVA. It only deals with unsecured debts and allows you to prioritise the secured ones.
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Lisa Thomas
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by Lisa Thomas » Mon May 15, 2017 3:06 pm
The HP Company will get notice of the IVA and could decide to terminate the agreement and repossess the vehicle.

In addition creditors may think the HP payments are high and refuse to accept some/all of it as a reasonable expense to increase your contributions.
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Foggy
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by Foggy » Mon May 15, 2017 7:53 pm
Is the car finance secured on the car, or is it a loan with which you bought the car ? As long as the vehicle is modest the creditors will probably accept it as an expense, but if it is excessive in their eyes they might seek a reduction.

Mortgage would be no problem and will be ring fenced in your allowances.
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