Good news update!
Had an email back this morning:-
"After reviewing the proposals outlined by PJG Recoveries I can confirm your property is excluded.
I will proceed to close your IVA."
With just 2 more payments to make hopefully that will be it and then just the wait for the CC.
Hope everyone else that is approaching equity release gets through unscathed as well.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
First of all -- excellent news that they have come around to our way of thinking. i.e in accordance with your proposal.
Secondly -- bit of a niggle .... I notice that you have edited your first post to the point that it makes some of the replies seem to not make sense. Could all posters refrain from doing this once a post has been replied to, please.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Oh wow, thats great news! Many thanks for the update. I have to say, as someone approaching equity release too with CF, this has been worrying me so thanks for letting us know.
You're nearly there! What a great feeling. Best of luck
Thanks all.
Fingers crossed it finishes smoothly. Will update on how long the CC takes in due course.
Lou .. hope your equity release goes smoothly too.
Hi all, and congrats marathonman. I know I've come into this a little late, but am in exactly the same position with Payplan. House valuation £125,000 so 85% LTV £106,250 and mortgage of £108,950 so negative equity which Payplan have agreed. Also agreed my arrangement is 2010 compliant but say that based on 100% calc there is £16,050 equity so £6,821 available.
They agree I don't need to re-mortgage due to negative equity but are asking for 12 month extension, which I have queried with case owner and team leader, neither or whom accept my point of view.
Have sent one final email asking them to see reason before official complaint goes in and will keep you posted.
If they agree it is 2010 compliant then they need to comply! I'd send them or refer to sections 9.2 &9.3 of the protocol particularly the 9.3 part that says "If the amount of the debtors net worth net of remortgage costs in the home at the review date is under £5k, it is considered de minimis, and does not have to be released, and there would be no adjustment to the IVA term."
Also check your chairman's report as KPMG seem to add a modification that any equity release is protocol compliant.
Hi all and apologies for the absence, but my case has been with the complaints team for the last 6 weeks so have had nothing to update, but finally got agreement today that no extension necessary so only 6 months to go. I must point out though that my IP still maintains 100% LTV is correct and only ending mine as borderline £5,000 threshold with re-mortgage fees etc.
It has been a struggle, especially the last few months, but nearly there!
