IVA questions and help!

TW777

I'm 3 years, 4 months into my IVA and have a few questions about up coming milestones.

The first thing to highlight is that my wife has been given a decent pay increase and would like to put that extra money either into the mortgage or do some work to the house (there are issues in the bathroom and the roof). She says it's her money and it shouldn't be to cover my debt, which is hard to argue with.

The second thing is our mortgage fixed term comes to an end in about 6 months and I'm unsure what to do. I think the best course of action is to fall in line with the lenders tracker option and see out the remaining time on the IVA.

I'm also a bit confused about what happens at the end of the process. When I was "sold" the IVA the handler on the phone painted it to be very easy and smooth, he said as if we attempt to re-mortgage we'd unlikely get a deal, therefor the remaining debt would be written off, following a final year of payments.

I've tried speaking to my IVA provider (Financial Support Systems) and they just point out all the details are in my contract, which they are, but as it's a bit complex and a lot of is based on future valuations.

Is there an impartial person I can speak to over the phone to discuss this sort of stuff with?

Help!

sourcrates

Standard IVA terms usually include a re-mortgage clause in year 5.

If that is not possible, then another year of payments is the alternative.

Re-mortgaging with the same lender does not usually involve a credit check, switching lenders will.