Equity, Creditfix and Just Lending Ltd

[abbiesmum2003]

I agree Lesley! Spend 5-6 years ridding self of debt to then be told to take on a loan! it seems daft.

[AJB]

Thanks for all the replies it's given me some encouragement to stand my ground. I didn't get chance to look through my paperwork last night (son's football training) but like Abbiesmum I'm sure it doesn't say secured loan. I also didn't get a call back from Just Lending (Googled them and nothing came up so that sets alarm bells ringing!), but I did get an email from my CF caseworker confirming my £23k share or equity and request to discuss this with him. I've requested a call back today so I'll let you know the outcome!

Out of curiosity I did an online secured loan calculator last night and put in £250pm for 16 years which is approx 50% of my IVA payment and time left on my mortgage. Came back with a loan of around £23k but with 9.9% interest total repayment would be £48k, which is £5k more than my original debt!

[recovering]

If you need the screenshots I have just let me know. I am sure one of the Admins can put us in touch

[FormerlyST1100]

As others have said, if your IVA does not mention loans, only remortgage then you don't have to follow that route.

As far as Just Lending Ltd goes, if anyone does go down that route, then please make sure that full correct details of the company and look into them very closely.

Just Lending Ltd was dissolved as a company on 13th Jan 2015 (Companies House search).
There is another company called Just Lending Scotland Ltd which was only set up in 2012 and if it was myself I would be vary wary of dealing with these "new" companies.

[AJB]

[quote]Originally posted by recovering

If you need the screenshots I have just let me know. I am sure one of the Admins can put us in touch


Thanks Recovery,I'll let you know.

[recovering]

ST1100 I looked at that company it stated it had zero employees!

[recovering]

Please keep us updated AJB

[AJB]

Hi just a quick update. I'm unable to speak with my IP until tomorrow now. But I've had a look through my original paperwork from PJG and as suspected nothing in the proposal saying secured loan, just the usual remortgage, 3rd party or 12 additional months. And it looks like I'm on the 2008 protocols. However there was one set of documents that I think went to my creditors titled 'In the xxxxxx Combined Court Centre, section 13 headed Affordability, it says "The mortgage offer must take into account my ability to afford the mortgage payments. For avoidance of doubt, the amount by which my monthly mortgage/secured loan payments increase as a result of refinancing to release equity should not exceed 50%....etc etc". Not sure if this is something that can be used against me, can anyone shed any light on this? Cheers AJB

[recovering]

I'm no expert but I know Mel stated on here it was Categorically Not a secured loan. We did not agree to any changes. Whenever I have challenged a decision they have backed down.

[recovering]

Creditfix tried to get us to agree to a mass variation for an increase in fees which most of us(PJG) on here refused to sign or accept. I was charged for this meeting on my annual report I challenged it and the removed it. They have sent various letters to people which when challenged they have said were a mistake, Hopefully this is one of those times

[Goosed]

I can only concur that Melanie most definitely did not consider `third party funding` as a secured loan.

As has been posted, the PJG proposal wording of remortgage, extra twelve months or third party funds makes no mention of secured loans - and Melanie did indeed post on the forum that remortgage was not the same as secured loan, and that she`d had this confirmed from the relevant authority.

I`m sure Melanie`s `third party funds` clause means someone providing you with the money, i.e a family member, friend, etc... and not you taking out a secured loan.

[AJB]

Hi all. Spoke with my CF caseworker today and after gearing myself up to dig my heals in I needn't have worried! First thing he said was did I have a concern with the IVA extending for 12 months, which took me by surprise, I obviously told him no as that's what I expected to happen but was concerned by the letter and mention of a secured loan, he just said that's an option if you want to but that they wouldn't force me to do that! He then said he would confirm the extention in writing and asked me to amend my standing order and basically the call ended. I was that gobsmacked/relieved I forgot to mention how unhappy I was with the letter and being passed to Just Lending, I'm assuming now that its just a standard template they send to everyone. So after a week of worry I now know for definite 1st May 2017 will be my last payment and I'll be debt free! And all you ex PJGers coming up to equity release time you an all rest easier knowing a secured loan is not being forced on us......phew!

[recovering]

What fantastic news for you!!!!! ( and the rest of us)! This is what frustrates with Creditfix the standard letters that cause anxiety, when you get to speak to someone in the know it tends to work out!! Thank you for updating us it certainly makes the future a bit brighter!!!

[hubert]

Thanks so much for posting this valuable info!

[Shining]

A great result for you and excellent knowledge for those looking in.

Hope your final 12 months runs smoothly for you and you're definitely on the home straight once you get in to that area. All the best.