I was told by DFD that I am "lucky" that I dont own my house (council - rented) that if I did I would have been asked to release equity to pay when my IVA ends, into the pot. My IVA ends in 2 months. I owed £19k at the start and have paid nearly £23 into the pot so was amazed with this. I would not mind but my income dropped and I "still" kept up the payments... I dont feel lucky ;-/
Thank you Paul. Its means a lot that people have responded.
I have today, gone through all the paperwork and found lots of references to the agreement not exceeding 63 months.
I am going to copy it all and send by post to Clear Debt.
How long should I wait to receive a response do you think?
Thank you.[:)]
Hi Olivia, cleardebt have been fantastic with me through some real ups and downs. If you ring your case manager they should be able to help immediately. If you are still not satisfied with the outcome, insist on speaking to David Mond. I am sure he will help, he is one of the straightest and fairest men, I have happened across.
If we are lucky enough to have equity in our houses the i agree we should be asked to try and release some of it.
But if we are unable then we will and should be able to pay the extra 12 months additional payments.
Yes i except that the 12 extra payments will not probley be as much as a remortage but thats part of the agreement that most of us have signed up to at the start.
I dont care if you have 15,000 or 75,000, equity thats the agreement.
We have many a debate on here with people saying its not fair because you have loads of equity, and not releasing it, and yet when your NOT a house owner you just do a 5 year IVA.
Im sure you will be asked to do another 12 months and then thats it.
Dont take any arguments that you have loads of equity!!! Do what it says on the tin!!!!!
Thanks Baldy!
I sent off the paperwork by registered post tonight.
There are about 5/6 paragraphs which all state a term for extension of 12 months. To be honest our case owner is never very straight forward with their answers to questions...
I am more than happy to pay another year, I totally accept that the debt was down to our own doing.
Fingers crossed!
I think sometimes its difficult to get a straight answer from a case worker at first because they probley are dealing with loads of cases.
If that is what you have signed up for then that is how it should go.
You just need to stand your ground.
All our debts are down to us for what ever reason!! I would probley say that nearly all of us who have learnt how to budget and get through our IVA's will be much better in the future with our money.
With regards to this equity release saga, in the future i think we will see IVA's being worded in a different way ie re-finance maybe.
Good luck and im sure it will get all sorted for you.
I cannot identify you from your forum name, so if you would like to e mail me directly, my details can be found in the experts section, then I will be more than happy to have a look at this for you.
Regards.
Cert DR
23+ years in debt advice
I do not post for anyone other than myself
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by baldy
If we are lucky enough to have equity in our houses the i agree we should be asked to try and release some of it.
But if we are unable then we will and should be able to pay the extra 12 months additional payments.
Yes i except that the 12 extra payments will not probley be as much as a remortage but thats part of the agreement that most of us have signed up to at the start.
I dont care if you have 15,000 or 75,000, equity thats the agreement.
We have many a debate on here with people saying its not fair because you have loads of equity, and not releasing it, and yet when your NOT a house owner you just do a 5 year IVA.
Im sure you will be asked to do another 12 months and then thats it.
Dont take any arguments that you have loads of equity!!! Do what it says on the tin!!!!!
Good luck
Baldy
Indeed baldy, my sentiments exactly as you will have seen in my many posts on other such similar debates on the forum,
There are many who don`t share the same view though, including the odd expert.
"When the seagulls follow the trawler, it is because they think sardines will be thrown into the sea".
The thing is Goosed, i know IVA's are individual but there seems to be big veriations when it comes to the major elements of peoples IVA's.
Sometimes its bl**dy scary to see what people have been asked to sign up to.
Like Andy agreed to, there needs to be an independant person who would be able to go over agreements with people before they sign up to them and that they fully understand what they are getting into.
We also need to see IVA's drawn up fairly because when you read what some firms are arranging i feel they are just taking advantage of the situation.
Yes they are our debts and we are all trying to pay back as much as poss, but then have the banks changed? Not a chance!!!!!
Glad to see that Mike has now taken up the reins for you Olivia. You are in safe hands and explanations will be forthcoming soon, you can be sure of that.
To baldy - I don't get why there needs to be an independent review of the IVA before people sign up to them. That is the very job of the insolvency practitioner who is acting for the client! Using the IVA Protocol, there can be very little scope for not understanding the terms, in my professional and humble opinion!
