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Find out if an IVA will affect your mortgage



IVA and Mortgage Arrears

If you’re struggling to meet your mortgage payments, there may be a number of things that can help. Individual Voluntary Arrangements are mainly used for unsecured debts, and it is rare for mortgage arrears to be included in an IVA plan for that reason.

The first thing to do if your debt payments are out of control is to speak to an expert, for example an Insolvency Practitioner, particularly if you feel you may be facing bankruptcy or repossession. A professional can take an overview of your finances including all of your debts, and make suggestions based on this, as well as helping you to carry these forward.

Although an IVA is normally not used for secured debts such as mortgage arrears, if you have other debts that are not secured, using an IVA for these may be used to relieve some of the pressure on your mortgage. If you have multiple different types of debt, your IP may therefore suggest using an IVA in conjunction with a series of other measures.

IVA remortgage

If you think of your overall debts rather than just your mortgage arrears, you may find that there are a number of things that can help. In this case it is likely that a number of different approaches may be adopted at the same time to get your finances under control.

There are other options that you may want to explore, such as remortgaging. Debt management advice is vital in these situations. An expert will be able to consider your situation as a whole, including your income, outgoings and assets. They will then be able to give you the best advice possible and hopefully help you to use the law to best protect your interests.

Having unmanageable debts can make life pretty difficult, but getting the right advice can instantly make things seem a little more hopeful.

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MoneyHelper

If you’d like more information on other sources of free debt help and advice you can visit MoneyHelper – an organisation, backed by government and set up to offer free and impartial advice to those in debt. - Click here to visit MoneyHelper