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pix1
Average Member
689 Posts |
 Posted - 15 December 2008 : 14:26:42
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I know this is the bankruptcy forum but I have a question to do with IVA's.
Basically, I ended up with nothing but the option of bankruptcy and have been down that route - much to my chagrin, though, paradoxically, also to my relief.
In an IVA is the payment into it assessed every so often or do you get a fixed payment agreed at the beginning and continuing for the full 5 year term?
As I think you have to be assessed every so often depending on your circumstances would the IVa amount go UP to take into account any reduced interest payments on your mortgage from FALLS in, say, a tracker mortgage?
Basically,
if mortgage interest rates drop does the IVA claw in everything that is gained?
I am wondering just to put my mind at rest that had I gone into an IVA I wouold not have gained from recent interst rate cuts but would have just ended up paying a bigger payment each month into the IVA.
Anybody know? |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 15 December 2008 : 14:28:54
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Hi Pix
From what i understand any extra that you would have gained would HAVE gone over to the IP.
So if you had an interest rate cut then it would all go to the IP provider and not to you and that would be all of it.
Jo
x
19 Weeks down
33 to go
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
Needafriend says: Live life to the full, take life by the horns and live a little, otherwise life would be so boring!
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pix1
Average Member
689 Posts |
Posted - 15 December 2008 : 14:32:27
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| I thought so. I would only have gained if I did not do an IVA or bankruptcy. Then I might still have been in debt in 40 years...if i live that long anyway! |
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IVA vs Bankruptcy query
