what happens if my mortgage payments go down?

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Post by aquamarina » Wed Aug 11, 2010 6:35 pm
what happens if i am in an iva and my mortgage payments go down? what do i have to do with the difference - pay it to the iva fund?

thanks in advance.


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Post by Shining » Wed Aug 11, 2010 6:37 pm
Hi there, yes your IVA payments will increase, my payment went down after fixed rate and it reverted back to SVR, I informed my IP straightaway and was able to pay more into the IVA fund x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.


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Post by luluj » Wed Aug 11, 2010 6:57 pm
It will depend if other costs rise -petrol costs are estimated to rise again and I am sure food costs etc will do to - heading for second dip of recession so your savings may be short lived !

Speak with you IP and ensure that you can get the money back should your payments go back upagain for your mortgage or if costs significantly rise in other areas !
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Post by kallis3 » Wed Aug 11, 2010 7:25 pm
I doubt you will get any money back if the payments go up again. You might be able to alter payments after speaking to your IP, but anything else will be subject to a new I&E.

I think a lot of us will be facing this scenario in the months to come.
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Post by karen » Thu Aug 12, 2010 9:06 am
I am in a similar position my mortgage payment has just gone down by £134 per month I told payplan but they said I didnt need to pay it in !!! When our IVA was approved Northern Rock insisted we went on an interest only mortgage and all the saving be paid into the IVA.
We pay £866 per month between us.
I almost dont beleive them so I am going to put this money away in case they decide later that they want it. Or if the interest rates go up (which I am sure they will) I'll use this money to cover it.

Declan at DebtFreeDirect

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Post by Declan at DebtFreeDirect » Thu Aug 12, 2010 11:12 am
The guys are spot on. Essentially any impact on your monthly budget that will be long term and not just a one off will effect your IVA contributions. This works both ways - whether your income decreases or expenditure goes up - your IVA contributions will reflect what is leftover and if your income goes up or your expenditure goes down (as in the mortgage interest rate) then your contributions go up. Either way, its always important to inform your IP straightaway.

Declan Murray
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Debt Free Direct - the UK's largest IVA provider.


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Post by wannabedj » Thu Aug 12, 2010 3:49 pm
If I could, I would personally keep paying the same to the mortgage! Maybe classed as favouring 1 creditor over another?
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