Firstplus nightmare

Addicted2Chocolate

Bull speaking
you really need to consider Xbigmans post, he is making some very good points.
You will be paying 4K more on the new mortgage than by staying with first plus, as the repayments are over a longer term.
I believe you would have to inform your supervisor of the reduction in your outgoings and they would seek a higher IVA payment. You should check the terms of your IVA proposal and any agreed modifications, looking for clause on changes in income/outgoings and/or yearly reviews.

Xbigman wrote:

bullspeaking

My only concern is that you realise that you face the same nightmare as with a consolidation loan, which is a much longer loan period. You are swapping a loan with 16 years to pay for one with (I presume) 25 years to pay. Although you payments are much lower it is because of the extended term.

So the figures would be;

First plus £517 times approx 184 months = 95k
New mort £330 times 300 months = 99k

Or have I read something incorrectly?

The other issue. Doesn't your IVA have a yearly revue? When it comes around after first plus is gone you will have much more free income. I don't know much about IVA's so maybe someone else can confirm this.
Regards



X