Several questions, advice needed please

neverindebtagain

My husband sent his Ed letter and questionnaire back on 20 july, as of yet we have not heard anything, if he was to get ED would he have got it by now.

We are both br, I have only 11 weeks left to AD, the mortgage payment in October is coming down by a third, we do not have an IPA in force. Am I right in thinking we have to tell the OR at RTLU that the mortgage is going to drop. Looking at my husbands income for the past 4 weeks it is even lower than when he sent his financial statement back to them in July, he is a self employed brickie.So even with the mortgage coming down we still have no money left.

Also the letter he recieved said do not contact them while they are considering ED, therefore if he doesnt get ED is he allowed to contact his OR to tell them about the mortgage.

I am also considering changing my job, probably be on a bit less wages, do I tell my OR I have changed jobs and income is less.

Any advice welcome, suppose as I am geting to the end I am starting to panic.

skylight

You need to tell your OR everything within 21days of the change until your discharge date (and only after if you have an IPA)

The letter means that you shouldn't contact them about ED rather than anything, so you do still need to tell them.

neverindebtagain

Is it quite normal for ED to be later than 8 weeks or if after say the next few weeks he doesnt have it will he not get it. It has now been just over 8 weeks since he sent his ED letter back.

fiveyearplan

http://www.insolvency.gov.uk/eiir/
check your details here to see if you have been discharged - they don't always tell you.

philnicandamy

remember as well though ED paperwork is a low priority job IF the office is busy it'll be put to the bottom of the pile....ed is NEVER a guarantee

I sent mypaperwork back and ED came through at nearly 10mnths for me

peachyprice

You don't HAVE to pay the reduced mortgage payment, you can keep the payments the same if you want to

neverindebtagain

thank you for your replies, our mortgage is interest only with a sub prime lender, if it was a repayment then yes i would keep it the same, but to be honest, the mortgage is 1100 a month and it is crippling us. Some months we have nothing left at the end until we get paid again.

The lady at RTLU is lovely and she told me a few months ago that she was stressed with the work load, I dont like bothering them but our outgoings will drop by £400 a month so I know I will have to ring them, but once the LIBOR rate goes up, that is what our mortgage is worked on, then our payments will go up again.We will eventually have to sell because when it does go up we will be back to the huge payment and probably even more. Working on what my husband and myself bring in this month we still have a deficit of £1000 if you take into account everything on the SOA.

The mortgage payment change is due to take effect from October 1st so am I ok if I ring them around the 16th to tell them, it will then be 7 weeks to my AD. Will they send me new I&E form.

tigerfeet2006

Yes they should send you a new form to fill out and send back, but you may get lucky and they don't.

Once you get the new form to do pop up you SoA on here and someone will check it for you. If you are given an IPA make sure you tell the OR of any changes in circumstance for the next 36 months so if needed they can reduce or suspend your IPA, the supended months count towards the total 36 months.

neverindebtagain

My husband sent his IPOQ back 8 weeks ago for his early discharge, if he does not get his ED granted before we inform RTLU of the mortgage reduction will he be given another expenditure form to fill in.

Also when I tell RTLU and if they send me an I&E form, how long does it take to contact me about any IPA, if I dont here when AD comes, is it over.Does the OR have to sort it before AD or can they set an IPA once I am discharged

fiveyearplan

The IPA will have to be set before your discharge. Think carefully on how the finances will work - if you will have enough surplus to impose an IPA wouldn't it be better to keep your mortgage payment as is until discharge? That way you wouldn't have an IPA for 36 months.

neverindebtagain

the mortgage company have written to us twice, once in august when it came out of fixed rate to say it would be going down in october and once in early september to say it is going down again as the LIBOR rate had changed. The change will not take effect until october, our mortgage is normally due the 1st of the month but we gave them an extra £10 to keep in the pot so that we can pay manually at the end of the month and they do not charge us late payment fees, so I was going to call RTLU and tell them at the end of october or should I tell them within 21 days of October 1st. I am up for AD on 5 december, so are they likey to want to put a delay on my AD until they have had a new SOA, or are they not allowed to do this. There will be no money left as my husbands contribution to the house is less than when I filled my SOA out last december.There is quite a large deficit if everything that has been allowed on our past SOA are taken into account.