Mortgage gone up year into iva missing bills can someone help

Georgealley

Hi I have a mortgage rate ended gone up 250 pound year into the iva I've got due to financial problems my house is worth 220-240,000 and the mortgage is currently 163700 one month behind on mortgage and iva

Any advice really really appreciated I don't know what to do all options considered

Thank you

sourcrates

Hi,


Much more information and detail needed, along with a statement of affairs,(stoozing.com, available from the stickies of the DFW forum).
before anyone can offer any practical advice.

PrettyKittyKat

I presume that you knew that your mortgage rate was due to end and your mortgage payment go up? Did you discuss this with your IVA company when putting together the repayment schedule? What did they suggest?

If you didn't discuss or raise the above....
You need to ring your IVA company and make them aware. Ask them what your options are. If your IVA payment and p in the £ is high enough then a variation could be put forward to your creditors to reduce the IVA payment in light of the increased mortgage payment (this are usually put forward with an extension to compensate for the reduced payment being offered and the equity release would still stand later in your IVA).

Why are you behind on both the mortgage and the IVA by one month? If you missed the IVA payment surely this was to enable you to make the mortgage payment? or vice versa?

mwarby

I would certainly be making sure the IVA company are aware of the issue you are facing. If they don't know they can't help you, and may find them to be chasing you which doesn't get conversation happening on great terms