I was under the impression that my fixed rate mortgage was due to drop in August after my AD date because I had been told by the bank that mortgages are paid in arrears and my fixed rate ends in July. I have received a letter today saying that my mortgage payment in July will be at the lower fixed rate because they have changed the way they calculate mortgage interest (daily not monthly) What this means is that my mortgage will be £80.00 per month less this month.
8weeks ago I received an IPOQ and the OR reviewed my circumstances and I was not made to pay an IPA/IPO (well I havent heard from them since to date) I do not currently have an IPA because I do not have the disposable Income but with this lower mortgage payment I'm guessing I will.
I'll be honest in saying I was hoping to get out of BR without an IPA so I could enjoy a debt free life after discharge and I am in a real dilemma of what to do next. My questions is anyone knows are as follows:-
1) Will the OR know from my mortgage company when my fixed rate is due to end? 2) Will the OR automatically contact me to discuss the change in my circumstances or is it my responsibility to tell them? Surely they will have to contact me to discuss it if they are aware of it? 3) If I chose to keep quiet and not inform the OR of this chnage or waited to hear from them what are the possible outcomes?
I would like to make clear that I am an honest person and I am not trying to get out of paying anything that I owe, but like I said earlier from a selfish point of view I wanted to finish my BR without an IPA/IPO and its because of my bank chnaging the way they calculate interest which has put me in this position
I would suggest that you do tell the OR and discuss the matter with him. You might be lucky in that you do not get an IPA due to the late change of circumstances. I would suggest that hiding it from him may not be a good idea as these things have a habit of coming to light and the consequences could be severe.
Kind regards
John Blackadder Bankruptcy365.
For help and advice on the easiest and most effective way to a debt free future, please go to www.bankruptcy365.co.uk.
Moral Dilemma - 6weeks off AD
Posted - 05 July 2011 : 14:57:57
