I pointed out to my case officer, who has been great throughout this, that there was an evident conflict betweeen the statement in the variation proposal to the effect that:
'Should this meeting be rejected by creditors, the Supervisor will withdraw from the arrangement, declare the arrangement as failed AND petition for the debtor's bankruptcy'
and the statement that Payplan have a:
'dedicated team [which] will contest any decision made by the creditors that will adversely affect you in any way and will explore every other avenue apart from bankruptcy'
but evidently there is not.
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.
Not good that is it.
How about a equity clause that says,
If equity can,t be released by means of remortgage,then a 12...18.....24 or more months of payments will be accepted to complete the iva.The amount of months being stipulated at the start in the chairmans report using a scale based on the amount of equity available at the outset.Or something similar its not Rocket Science and would give the debtor a transparent IVA that has a end point ,and remove any uncertainty.
Last edited by MRBLUESKY on Thu Feb 16, 2012 3:09 pm, edited 1 time in total.
well thats a cop out if i ever saw one.
"this was not discussed becouse it only comes into play in the event off a variation on the equity clus"
well pardon me but it should have been discussed.
and blaming the state of the economy for not being able to re-mortgage is absolute pants.you would not be able to re-mortgage with an iva in anytime frame with zero credit worthiness.they fail to mention the extra 12 months in lieu of not being able to remortgage which is in your proposal.why was this not disscussed a long time ago if they really wanted to help and know full well that for the last 3 years there would be no re-mortgages done infinate.that goes for everybody with property .
cc received 6th January 2014 now upwards and onwards
Interesting revelations about the extent of the problem [there are more case like this] and the consistency of the policy / advice / proposed procedure.
Hi backontrack - it was only in the last few years that it was possible to remortgage at the end of an IVA to release equity so unfortunately the state of economy and the resulting changes in lenders policies have had an impact on client's abilities to remortgage which was not forseen back then. There are a number of issues highlighted for brokebryn which I hope Payplan are addressing but I just wanted to clarify on that particular point.
I hope you get things resolved soon Brokebryn.
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1. Equity release was supposed to be in the region of £35k
2. 12 additional payments will realise just over £9k
3. Spotting the slight discrepancy between the figures my creditors will reject the variation proposal
4. Whereupon my IP will petition for my bankruptcy
5. Payplan and the IP will have done with me after making some money out of the IVA
6. The creditors will get a meagre return from my bankruptcy
7. I will lose my house and God knows what else
8. The Trustee will clean up in terms of the monies generated by the sale of the house
Result:
Beneficiaries : IP / Payplan / Trustee
Losers : Creditors / me / my family
Oh, and I won't be able to find anywhere to live due to the bankruptcy
Last edited by brokebryn on Thu Feb 16, 2012 5:39 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 can't afford to pay any more than £9k over 12 months; Max recovery have bought some, but there are others like HSBC, Santander [think they must have bought something], Lloyds and Capitol One - the latter 2 voted against the original IVA.
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.
All of my debts have now been sold on. Lloyds has just recently sold debts on to another company. HSBC sold mine on to Robinson Way.
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
I kind of wish I had had your timing, Kallis 3! By the way, you might be interested in the post I left for you [Foggy has added the link] about Equity and Protocol Compliant IVAs. Here's the link:
No, some hope. I'm really utterly trashed and gobsmacked by this crap. It was absolutely out of the blue. I am furious with those people, as good as they have been with and for me in the past. This has been a cardinal sin of both omission and commission on their part as far as I am concerned.
Last edited by brokebryn on Thu Feb 16, 2012 8:46 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 queired this with Payplan last year as I never felt I really understood the equity release part.( When I was setting up my IVA I was desparate to get something sorted out). I have a copy of an email saying if I am unable to release equity I will not be forced to sell my house but that the creditors can ask for a one year extension.
Surely they can not make you bankrupt if you cannot raise the equity, if that is the case, what is the point of having an IVA. You might as well have done that is the first case.
