font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Michael Peoples
I just want to clarify something here as I have become the 'big bad wolf' for daring to try an explain my views.
I am not saying that everyone should release equity whether they can afford it or not but that if someone is releasing equity it may be a better idea to obtain a small secured loan rather than a total remortgage. The minute you mention a loan the hounds attack whereas a it is acceptable to discuss a remortgage! It makes no sense because it is all borrowing and what I believe lies at the heart of it is people do not want to release their equity.
When they entered the IVA they were pretty sure they would not be able to get a remortgage and were quite happy with an extension. Anything that endangers this is to be shot down but they could be in for a shock if remortgages start again and their extensions are no longer guaranteed.
Just because your proposal says remortgage does not mean this will be impossible when the time comes to investigate. Your IP firm may well direct you towards specialist lenders at this time and maybe for some a loan would be the cheaper option.
Big Bad Wolf[:D]???
I don`t think so Michael, I reckon most of us like and appreciate the fact that you are candid, straightforward and honest with your views and posts no matter what the subject, and I`m sure that is what posters want to see.
Last edited by Goosed on Mon Jul 09, 2012 3:46 pm, edited 1 time in total.
"When the seagulls follow the trawler, it is because they think sardines will be thrown into the sea".
Thanks Goosed. I will try and give my opinion rightly or wrongly and sometimes people are not going to like what I think. However my interpretation of insolvency policy does not mean I agree with the policies themselves and sometimes the messenger gets shot!
Dear Satan .... errr, Michael, .... Big Bad Wolf too .. AND shot messenger !!! Are we suffering from split personalities today ? You know Satan is just a dyslexic Santa, don't you ?
Anyway ...... I, and, I am sure, many other posters here, have a lot of time for you and what you have to say. You are definitely one of the voices of good, common, sense here. We often have different views, but, we is all growed ups too
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Hyperdrive and Foggy.
Paranoia is starting to creep up on me which explains the mixed metaphors. I even noticed that the Big Bad Wolf is getting attacked by hounds but surely that should be the fox!
Well I for one think although this is a very emotive subject the differing viewpoints and angles that are being addressed just go to show the diversity of the contributors and echo the word "individual" found in some of our respective voluntary arrangements.
I came into this world with nothing and still have most of it left!
Many companies record conversations so if anyone thinks they were categorically told a remortgage would be impossible they may have some comeback. But the lesson here to homeowners entering an iva now is to check the wording of their proposal to make sure it says remortgage or extend and question anything else. I can understand people hoping not to release equity, but it is dangerous to bank on it as the disappointment will cut deep. You only need to see quickly the mortgage Market has opened up for those post iva to make a guess that it will open up to those in ivas with significant equity soon too.
As an IVA is a private arrangement between debtors and their creditors what is wrong with the debtor putting forward his own modifications through a nominee,prior to an arrangement being considered by his creditors just like NRAM, HMRC and TIX seem to do.I think sometimes Debtors not only never read anything, but also will accept any proposal thinking I suppose they are all the same, because by this time they are thankful for any form of relief from the nightmare of being in debt, How many times have I read on this forum of debtor biting their nails awaiting the outcome of an IVA being accepted, perhaps we have come to a time when any IVA proposal needs the eyes of a solicitor to look over it, and translate it to understandable language but then again isn,t that the nominees job.
Daniel, I agree with what you say. but would point out that the debtor doesn't need a nominee to make his or her own modifications .... he (or she) already has one!
I think part of the problem, and can only surmise here because this wasn't a line used by my own IP, is the reliance by the debtor on assurances that "Protocol" IVA's are all the same. Even if that were the case (which we know it is not) the Protocol is in need of some re-writing to address the common issues of varying interpretations we see all to often here.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Daniel I think your right that debtors be allowed to put in any modifications they see fit, but thats where our dependance on finding a good IVA representative comes in, because in all honesty, how many of us are actually up to-speed with IVA protocol prior to signing the dotted line?
As you point out some of us are grasping our last straw when attempting to get an IVA approved and I'd go so far as saying in some cases, what we actually perceive as a lifeline....it certainly was in my case and its only by good fortune that I ended up involved with a respected Company who gave detailed and impartial advice, after all I was ready to grasp at any straw.
Additionally, if someone was clued up sufficiently to put their own modifications to creditors, I dont think an IP would fail to carry out their insructions, however, ultimately we have to again trust the advice we receive, as IP's are well versed and experienced in what creditors may or may not allow.
This forum has and continues to be exceptional in giving advice and direction to those seeking the many and varied debt free solutions, however, many who find themselves in such a positions, fail to find the advice here until its too late.
Last edited by Pennyless on Mon Jul 09, 2012 7:29 pm, edited 1 time in total.
I came into this world with nothing and still have most of it left!
What you are doing in an IVA is striking a deal, you are giving creditors a better return than if you went bankrupt which is why a comparison to bankruptcy is in every proposal, however I think many are afraid of debtors modifications being turned down by creditors, however if you have overplayed your hand it does not mean you cannot come back to the table, creditors are not always in the better position if they dont give and take they can be very big losers, especially if a debtor has no assets, however the greater the assets I suppose the greater the power of the creditors, if you going into an IVA with assets creditors will want their value and a bit more, I think the debtor just want a clear understanding from the beginning how they are going to realise those assets
