Relevant extract from the Chairman's Report of the original meeting:
An open market valuation of the property must be provided to the supervisor in the 4th year of
the Arrangement together with a mortgage redemption figure.
The debtor must remortgage realise the maximum amount of his share of the equity in the
property from a re-mortgage, up to a maximum of 85% loan to value based on affordability.
The debtor must forward details of the re-mortgageoffer to the supervisor and written
confirmation from the mortgage broker of the best offer availiable.
Should the debtor be unable to realise his share of the equity in the property by way of a remortgage,
12 additional monthly contributions shall be made, providing that the supervisor has
first written to creditors to ensure that there are no objections.
But that is not really the point - the points are:
1. The possibility of 'objections' leaves one entirely at the mercy of the creditors - after paying in nearly 60 grand over 5 years.
2. If there are objections my IP has said he will bankrupt me - that is written in as clear as day in the variation proposal.
As I have said elsewhere no-one in their right mind would have touched an IVA if this had been pointed out at the time it was being considered.
Last edited by brokebryn on Mon Feb 27, 2012 12:34 pm, edited 1 time in total.
Last monthly payment made 3 June 2013 after 6 long years. CC issued 21 August 2013, but, er, lost in the post. Finally got it 17 September.
I would suggest to your IP that they merely write to the creditors to see if there are any objections to the payment of the additional 12 months - if there is equity in your property that cannot be raised at the 85% loan to value calculation. The likelihood is that no-one will actually respond, but if a timeline is provided for when responses need to be submitted by, then the issue of objections does not become relevant. Bearing in mind the advent of the IVA protocal now, it is highly unlikely that anyone would want to see you bankrupted as a result, but you are correct in that if this scenario is invited it may stir one or two up to select that option.
I am still unsure where this bankruptcy provision comes from, and as a general point rather than one which is case specific, I hope that Nick may be able to comment on this.
I assume that my IP, in submitting the variation proposal, is effectively writing to the creditors to see if there are any objections; I have gone thru the process of seeking to raise the equity and am unable to do so. They have until mid-March to register their votes. So, despite all the anxiety and all the posts on here and on other threads, for which I sincerely thank everyone, we are absolutely no further forward. I think Nick has responded a couple of posts up. Payplan are clearly not going to make any kind of statement on the issue. So, like I say, back to square one.
Last edited by brokebryn on Mon Feb 27, 2012 12:44 pm, edited 1 time in total.
Last monthly payment made 3 June 2013 after 6 long years. CC issued 21 August 2013, but, er, lost in the post. Finally got it 17 September.
Bearing in mind the advent of the IVA protocal now, it is highly unlikely that anyone would want to see you bankrupted as a result, but you are correct in that if this scenario is invited it may stir one or two up to select that option.
This is truly fabulous. The IVA is supposed to offer protection against any maverick creditor actions and its primary purpose is to protect the family home [and therefore the family unit]. Yet here the absolute opposite is being invited and applied should one or two decide to scupper the whole thing. Laughable, I am afraid, or it would be were I not the one currently in the firing line.......
Last monthly payment made 3 June 2013 after 6 long years. CC issued 21 August 2013, but, er, lost in the post. Finally got it 17 September.
i cannot begin to imagen how let down,angry,frightened & stressed you must feel. reading this thread has made me& my hubby feel so glad that we did not use PAYPLAN.
my words are of little help to you,i am sorry.
BUT if this is the one place(?) that you can make noise about this for PAYPLAN then don't give up posting! x
Nothing stays the same...everything changes..hang on in there!
Hi brokebryn - there is nothing I can add only to wish you luck in getting this sorted and I really hope Payplan do everything they can and should be doing for you to sort this out - the forum is just a window so lets hope a lot more is happening for you behind the scenes.
As always, keep us posted - we want a positive result for you.
Regards, Tina Shortland, Debt Advisory Manager for Melanie Giles at Debt Advice TV.
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