Sale of RBS to Santander. I am in an IVA which has run reasonably smoothly, currently about to enter month 56 with 4 more agreed payments to go. I had a fourth year equity clause which stated I obtain 2 offers of remortgage. This could not be achieved. I am still liasing with my Practioner as to what my options are. I currently pay £600 per month, original was £500. after 60 months, I will have paid £31,100, the minimum was £30,000. Firstly, any advice as to a Full and Final. I may be able to obtain third party funds, however, they will need to be paid back and the IVA would need to finalise.? Secondly, I had a secured loan with RBS (the charge on my property has been removed, and indeed all my loans, CCs with RBS were listed in the IVA), however, I have reasonatly had a guarantor account statement through with documents stating the RBS is being sold to Santander, who are my mortgage holder). Could this affect any loan which wasnt secured by RBS???. This is an interesting situation and you can see why I want to complete ASAP and get the completion Certificate. Any Help. Thanks
And full and final would need to offer pretty much what they would get if you continued,however with 4 months left to go it could take 2 months before any F&F offer went in.
Did you pay off the secured loan(just as you said the charge was removed).
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
To be perfectly honest Richard, I wouldn't bother now as it is so close to the end. As Paul says, it will take a while to set up a variation meeting.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Could there be a possibility then that the fourth year clause is waived as the creditors have not convened a meeting to discuss my options and that once my 60th payment has been made my IVA is concluded. What could be the worst case scenario now?
Is there equity in your property? If so then they could ask for 12 months extra payments as a replacement of not being able to remortgage. If no equity then should be no extra payments, if they do demand the extra 12 months then I would say a f&f of around 10k would cover the next 4 months plus the £7200 for the extra 12 and as close to that as you can get will mean more likelyhood of it being accepted.
If you've got equity then I doubt very much if they would waive the 12 month extension. They want back as much as they can get.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
