We were faced with the same predicament. We were sent a letter saying that according to their information DFD insisted that our property is worth £86k and we needed to give permission for our details to be passed to their "recommended broker" so a mortgage offer could be presented to the creditors.
Thanks to some good advice on this forum, we checked the wording on our Chairmans Report to find it said that we had to provide 2 offers from mortgage providers and the Supervisor would choose the one with the highest yeild to finalise the payment. There was no mention of a specific lender or broker. Also, we have just had our house valued and its actually £68k and we have a mortgage balance of £56k which, if we followed their demands we would not only be culpable for mortgage fraud but plunged directly in the deep end of negative equity. We are currently in the process the paper exercise of remortgaging by our own lender and another lender to fulfill our obligation to the letter. I have told DFD that I under the Data Protection Act I do not consent to them giving my details to any third parties. I had a shirty email back threatening us with Bankruptcy but again theres nothing written into the agreement about them being the only people we can remortgage with. I really feel that these people should be brought out in public for their actions so that good, helpful IP's like Melanie are not tarred with the same brush.
I get knocked down, but I get up again. They ain't never gonna keep me down.
I am always dubious of these firms ( or, indeed, anybody ) who go for ( as Heretoday put it) the nuclear option right away -- threats and bullying tactics right off the bat! Always smacks of something to hide when they go super defensive.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
In regards to shaved_ape's post I think its Sickening that DFD think they can threaten you with bankruptcy because you dont apply with a company of there choice (and in my opinion probably linked to them)!
If there is a financial link between DFD and there specific lender/broker then there seems to be a conflict of interest and it should be reported through the correct channels.
If it becomes the case that there recomended broker is able to give you large credit with large interest rates when no one else will touch you with a barge pole then it doesnt sound right to me.
And since when did DFD become Chartered Surveyors or Estate Agents and manage to value your house without visiting you or stepping inside ??
DFD's parent company owns a sub prime loan company. I'm pretty sure this is their "preferred mortgage broker". It wouldn't be as bad if it actually mentioned this anywhere in our agreement but it doesn't so as far as I'm concerned all the bullying and coercion we are facing is someone desperately attempting to hold on to their commission. The point is actually moot anyway as we have had an official valuation that says our house is not worth anywhere near the figure they have projected and we have less than 4k of available equity. I bet they will try to wriggle out of this somehow.
I get knocked down, but I get up again. They ain't never gonna keep me down.
when you say a offical valuation do you mean RICS valuation? This is the one that will count, if you throw the gaunlet down with that, they will have no where to go!
I would like to who the secured loan lender is too as we are due to do the house/equity thing with DFD in October so I am taking notes on all aspects of this.
As per the other thread I am concerned that it is possible that a secured loan is not what the clauses state but can DFD submit a modification to allow for a secured loan without the debtor agreeing to the modification?
"Hope is the feeling you have that the feeling you have isn't permanent." - Jean Kerr
IVA approved Aug 2008 - 6 year term - last payment made 6 Oct 2014. CC received 14 Nov 2014.
I am sure one of the expert IP's who are members here will comment soon, however I am led to believe that all modifications must be agreed by the creditors and the 'customer' for them to be ratified. I also think this is going to turn into the next big IVA fiasco after PPI. No wonder the DFD rep stopped visiting here and answering questions if they seen this on the horizon!
Last Payment made 04/12/14. Completion Certificate 25/7/15. IVA company GT. No Issues
DFD told me that we couldn't use a secured loan as they only allow 65% LTV whereas their Preferred Mortgage Broker offered upto 80%. I could understand this vein of logic as it obviously gives the creditors a better dividend. Perhaps they are offering Secured Loans for people who for age reasons cannot remortgage.
I get knocked down, but I get up again. They ain't never gonna keep me down.
This is worrying. Having just entered into an IVA, mine mentions in the event that i am unable to remortgage, either 12 additional contributions or a third party sum equivalent to 85% of my interest in the property. How is the latter to be interpreted?
If 12 months gave say £2000 but a third party sum gave £4000 but likely to cost you a hell of lot more who decides?
Personally a very worrying agreement as it potentially means any amount at any rate over any number of years if they get someone to give you that loan.
Last Payment - November 2011 - Completion Certificate received 2 weeks after last payment, Removed from Insolvency Register within 4 weeks after last payment.
I suggested that a 'third party' could be a secured loan company, but other forum members believe this would normally be along the lines of 'eg: from a friend or relative'.
Personally, I believe the term 'third party' is so wide ranging, it could be either.
Will be keeping an eye out for any developments, and just pray that I have insufficient equity in year 4.
My opinions are just that: Based on my experience and being a self-employed IVA customer.
