The Protocol T&Cs can be found via the above link and in my opinion each debtor is entitled to 15% of the equity within the property. The KPMG modification states you must use these T&Cs so reading through them it refers to debtor's share of the interest meaning each person is treated differently.
I believe so. It seems to have cleared up the issue of remortgage versus secured loan so anyone using 2014 protocol will have to look at both options of equity release.
A little annoyed this wasn't explained to me though the day of my creditor meeting I was told no impact to me it was just regarding fee's grrr... but hopefully the 5k de minimis each is correct.
value £90000
Mortgage £73500
hopefully I wont need to worry :/
Inter-locking IVA approved 25th Feb 2013 - F&F offer Accepted 06th July 2017 - Completion Certificate received 20th July 2017
If your IVA was approved before 2014 the secured loan provisions may not apply. In addition not every firm completely changed their proposals to bring in the secured loan so non protocol firms could have clients not affected by this.
thank you for you time Michael it is much appreciated, I am just having a read now and definitely appears the equity is dealt with per debtor and not on the property which is what CF have advised
Inter-locking IVA approved 25th Feb 2013 - F&F offer Accepted 06th July 2017 - Completion Certificate received 20th July 2017
Ive had another good look through ours too. It seems to deal with each of us individually so nelieve £5000 each when it comes to equity. Its got 2012 guidelines on ours so not the 2014 ones so im standing ground with secured loan issue. it also clearly says that i am to arrange independent valuations of property so again I am not allowing CF to do a drive by valuation when my t&cs clearly state I am to arrange an independent valuation.
Our's is the exact same as your's Abbiesmum, we started our IVA's the end of 2012 and we are going to stand our ground too as at no point was a secured loan ever mentioned to us during our meeting with Mel.
The same with regards to valuations, we shall be arranging our own.
What does worry me slightly is the wording of :
•A third party sum equivalent to 85% of your interest in the property
Are creditfix going to use this third party as a way of pushing people to take a secured loan?
