Equity release

[marathonman]

I've been drating an email to send Sunday evening ready for them on Monday morning with a copy of the relevant page from my documents to back this up. I keep editing it slightly so don't want to send it just yet! Hopefully they'll be able to explain themselves before I take it further.
I know that want to get as much back to the creditors presumably because the more they get back the more money they make but ultimately I'm the client and they should be acting in my best interests and have pointed this out to them in the email!

Thanks for all your replies and will keep you all updated.

[thisusernameistaken]

Those sneaky ****ing cretins. I see what they're doing and it's nothing short of a con!

Essentially they're saying that if the remortgage isn't an option (which it isn't for 99% of IVAers) then they will use the FULL value of the property rather than the 85% figure. Obviously this creates 'equity' where under the terms of a 85%-based LTV remortgage there is none.

The extension is ONLY taken forward if there is equity BUT no remortgage can be achieved.

I tell you, if they try and **** me about like this at the end of my IVA I'll see them in court. Utter, utter cretins of the highest order. No better than scum.

[marathonman]

The stupid thing is under the terms of the IVA there is no requirement for me to pay anything extra into the IVA and as such I don't need to re-mortgage yet they are holding that against me now trying to calculate things differently. This can only be because they will make more money out of me for doing nothing over the course of a 12 month extension ... assuming that is their plan.

I will certainly not let them get away with it but it's worrying that some people may just roll over and believe them because they know no better ... forums like this are a great source of advise and have helped me over the course of the IVA and have confirmed that I'm not going made mad when it comes to my calculations!!

[thisusernameistaken]

100% agree with you marathonman. I wondered a while back whether it's likely that many of those in an IVA are, shall we say, normally slightly harder-of-thinking and that it catches some of the IVA companies off-guard when they come up against someone sharp, literate and informed who doesn't hesitate to fight back or take them to task.

It does worry me how many people are woefully uninformed and just accept whatever their IP tells them. IVAs feel like the wild west of the financial world; there's a lot of scamming, conning and skullduggery and the whole ugly mess needs cleaning up and regulating properly.

[marathonman]

I'm definitely glad I came across this website at the start of the process and although I didn't post back then it certainly reassured me that I wasn't alone.
Sometimes it needs a few people to remind their IP who their client actually is !

[another_bump]

We are in the same position. Our IVA from PJG reads as everyone else's. We argued and argued and there was no way the would let you speak with IP.

Hence we had a drive by valuation organised for us at month 54, but we never saw the valuation - so I paid for a valuation from an MRICS qualified surveyor. This was substantially lower than the drive by and actually showed negative equity. we submitted that new valuation and guess what ......... They said it was to late to submit this valuation as it should have been done sooner. so 12 month extension applies.

Arguing with these people is worthless, what's even worse is that you can't even speak or communicate with the IP - well she does pp her name on the letters.

Cretins as someone called them is an understatement

[marathonman]

@another_bump

Very worrying to hear. How recently was this ... have you started the 12 month extension yet?

I'll be arguing the point relating to what is in my proposal with PJG which there are obliged to honour. PJG still exist and so if all else fails I'll be contacting them as well as the regulators to get this sorted as they can't just change the rules that I signed and agreed to!

[another_bump]

This is happening now.

I am refusing to pay any of the 12 month extension, but any argument with them goes in one ear and out the other.

I didn't want to start a complaint as all I wanted was my completion certificate. But what else can you now do ?

[marathonman]

PJG still exist so it's worth involving them in this regardless of the fact that seem to have disowned us. Below is a copy of the 2010 IVA protocol that I have looked at .... fast forward to point 9.3 which is the bit that relates to me

https://www.gov.uk/government/uploads/s ... ersion.doc

[Lou74]

[quote]font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by marathonman

@Lou74

CF didn't contact me about getting the valuation and redemption figures sorted so I just got on with it. In fact the only times they have ever made contact with me was to make sure I had changed the bank details last year for the Standing order and then the email I had from them this
week!

Thanks for that. Will do the same myself.

I really can't believe all of this. Was just starting to feel at ease and positive sbout creditfix, and with only a few months to go, even starting to look beyond my iva. It's ludicrous. I'm hoping its one of the eager customer service reps with their wires crossed again. The whole point of a 12 month extension was in lieu of a remortgage I thought? And the remortgage would only be on an 85% LTV, so surely that's what the extension should be based on?? It's like they are looking in to the equity twice. I'd be really grateful if any of the experts could advise, based on the wording in our proposals as they all seem to be the same. I really felt sure the end was in sight, this has really set me back.

[thisusernameistaken]

We should NEVER assume things at CreditFix are OK. It would be a false sense of security and I wouldn't trust them as far as I could kick my own turds. And I NEVER kick my turds.

I will be ensuring that I have three different valuations on my property to give to them and will take the average of the three as being an accurate valuation. I will not accept a 'drive-by' valuation.

I will also ensure that the 85% LTV calculation is used and NOTHING else.

[abbiesmum2003]

Thisusernameistaken:
I wish there was a facebook style 'like' button on forum for posts like yours!!!

[Lou74]

Hi Marathonman,
Just wondering if you had any response from CF about their interpretation of the equity release clause yet? Just curious as I'm just about to arrange my own valuation, and am a little anxious!
I just don't understand how a legally binding document that has been explained to me by the person who wrote it be interpreted in an entirely different way by someone else? Surely it should be black and white?

[marathonman]

No reply as yet. I emailed last night ready for them this morning but no reply today! I pointed out it that it clearly stated it was a 2010 protocol compliant IVA and wanted them to show me where their version was stated in my IVA! Even if i remortgage they're not entitled to anything as it's less than £5000 even with the highest valuation! All very odd ... I can only guess they want me too pay in for another year so they make more money themselves!
Will update when i hear from them.

[Lou74]

It is odd, and so contradictory! Fingers crossed that they sense for you, and thanks for the update.