Thank you Jed, thats very kind. I do also have an illustration based on my figures and valuation at the start of my Iva, and its definitely using 85% ltv.
Definitely power to the forum!!
Having the very same problem with GT, who are insisting the £5000 de minimis is joint and not each.
Had to make official complaint in the end as no one on there progressions team would accept it is each as per our proposals. That is a month ago and so far not even acknowledged they have received the complaint.
Final payment due in 13days time, so lets hope they pull there finger out and get this sorted. Don't need the stress.
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by JED
I have just gone through equity release with CF and it was a bit of a rollercoaster ride. I sent in all my paperwork including an evaluation before I was asked for it.
I had a phone call last week stating that they had valued the house (higher than I had submitted but for me still below the magic figure) and that I had equity and therefore have to extend my IVA by another year (queue near heart attack!)
I asked how it was worked out and as Foggy said they had used 85% of the equity not 85% LVT. I then quoted the paragraph in my chairman’s report (14) and also that I had an example given to me from PJG when I started my IVA stating that it was given so no ambiguity could be caused in month 54 !
They then pulled my file up and read through the part regarding equity release and also checked if any clauses were added which there wasn’t. We then went step by step working out my equity and they agreed that I was right and they were wrong. The phone call ended with them promising to contact me in a couple of days to confirm.
To be fair I ran them a couple of days later and was put through to closures. They immediately apologised for the mistake and also on review, had over valued my house.
This then left me with no equity and the IVA will end in 5 months’ time . I was emailed the confirmation as I spoke to them so am now a very happy bunny.
I think you definitely need to stand your ground with CF, as soon as I did they couldn’t have been more apologetic and everything was sorted and agreed in 2 days.
Good luck
Think how many people don't challenge, meekly accept and end up paying another year's worth of payments that neither creditors nor IP are entitled to!
Been reading this thread with interest. Also with cf and sent valuation etc in over 5 months ago as required. Just paid the last contracted payment, number 72, and have had nothing from CF. Find it really strange that we have heard nothing but others, like Jed,have been lucky enough to hear from CF and get sorted. Pleased obviously that some iva'rs are getting sorted when they should, 5-6 months before their final contracted payment but why is it so hit and miss with CF? Frustrated!
I was a bit late with one of my docs as my secured loan company took 2 months to send me a redemption figure(!) but once they had all the docs I heard from them just over 2 weeks later ... I knew they had done an inquiry against my credit report on Equifax between getting the docs and emailing me so knew they were obviously doing something and not just sitting on the docs. Definitely worth chasing them as I've found sometimes they can reply really quickly and on other occasions can be really slow or not reply at all ... I think Mondays is best avoided if you email as they probably have a backlog from people messaging over the weekend!!
We've chased them multiple times already and last time, a couple of weeks ago, got told our cases would be passed to closure team early in April so really confused why some people have their equity or not sorted fairly quickly but ours is still hanging around, makes no sense whatsoever to me
Hi all
Fellow former PJG customer transferred to Credit Fix.
Our Equity release written in 2010 too states 85% and 5k. As we are coming to the final 2/3rds of the IVA shall I go ahead and get a valuation or will Creditfix look at the figures of Mortgage remaining V House prices and see that there isn't £10k + fees of the 85% Equity in the house ?
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Downwardi
Hi all
Fellow former PJG customer transferred to Credit Fix.
Our Equity release written in 2010 too states 85% and 5k. As we are coming to the final 2/3rds of the IVA shall I go ahead and get a valuation or will Creditfix look at the figures of Mortgage remaining V House prices and see that there isn't £10k + fees of the 85% Equity in the house ?
Thanks
I am afraid CF are a bit on the unpredictable side to be able to say what they will do or consider!
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Yes since moving I sent off the info for the annual review. Before that they agreed a revised payment.
This was January time not heard since.
Going on the value and house prices here and our mortgage I can't see them valuing the house at 20% more than the sale prices of recent sales but it would be nice to know if I need to be doing anything especially with 9 payments left.
Well I'm paying an extra £60 a month to pay off the arrears since the move so I'm sure there not too fussed . Seems they want the customers I. The latter stages completed as quickly as possible with as little input as possible. Makes sense they are. Business and time is money
Well I had another valuation done which came back as £235-£240k. I have my redemption statement, so will be sending it all off to CF shortly. They haven't requested it as yet, but I'm going to be proactive. As you can see from my countdown on my profile, I'm in month 54, so I'm following what my proposal states! will update you when I hear from them. Not quite sure who to send it to though? Don't really like the idea of just pinging it off to the generic customer services address.
Hope you all hear back from them soon.
My first payment was October 2010.
By the way, I started a new thread with the outcome of my equity release, and just to say CF were brilliant. They came back within 2 weeks to say that there would be no equity to release, and my iva will conclude at month 60! Such a relief, and i'm on the countdown now.
I would definitely be proactive and get your own valuations and mortgage redemption as soon as month 54 hits downwardi. This is what we did, and as I said, they came back very quickly. I sent mine to the contact I had, and asked him to forward it on to the relevant person. I had a closures manager reply to me to confirm that I didn't have to extend. Fingers crossed for a smooth 5 more months!
. I was emailed the confirmation as I spoke to them so am now a very happy bunny.
