I would consider that "third party" could be family, friend or a loan company. However perhaps you could argue that if any lender found for you was connected to your IP firm then they would not technically be "third party" as they would be part of the 2 initial parties so to speak and so exempt from the clause - althuogh not sure if that argument would win?
"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.
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Johndylan
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?
John, as you are with Mel, I would interpret this as a way of giving you more choice, rather than foisting a 3rd party loan on you, allowing you to "buy out" an extension if friends or family will assist.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Yes UpToMyNeckInIt I think you are right - one for the lawyers for sure. What is the definition of Third Party under these circumstances? And should it be challanged will we now see a new wave of IVA's with new wording to clearly ensure that "affiliated" loan companies will spring up within many IP firms (not all) to ensure this is the way forward? If this is the case (and I'm only speculating here) then the future of IVA's is terrifying in my opinion as 5/6 year debt solution would be a thing of the past to anyone with equity! I hope I am wrong.
"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've said it once and I'll say it again , its absouletly disgusting the way DFD are treating there clients. If the wording of the IVA states REMORTGAGE (as per other DFD posters) then thats what should happen and if not able to get a REMORTGAGE then there should be an extension of 12 months. This is what my Protocol Compliant IVA states and that is what I signd up for and expect.
On the other hand should the PROPOSAL refer to REFINANCING or something of that nature I do think it will be alot harder to fight, even though you may have had no idea at the beginning that this could have been an option for the IVA company to enforce.
For the experts to give informed advice they need to know what Geoffs proposal actually states ?
Geoff could you put exact wording of your proposal so the IP's and Experts can help you as much as they can. And also state which company is offering you this loan !!
As previously mentioned if this company has any links to DFD then that would be a conflict of interest and I for one can not see how they can legally enforce you to take a loan with a company whom they have ties with.
I do not consider that the borrowing of funds via a secured loan constitures third party funding. In my opinion third party funding comes either by way of gift or loan from friends, family, employers or anyone else - and if loaned probably on an interest free basis.
We have a similar thing with DFD and the wording is a bit open but it also says refunding to be no more than 50 % of the iva which brings it down a bit so as i read it if the monthly iva was £400 then any remortgage couldnt be more than £200 ours also states nothing past retirement age..!!I dont think offering loans to get people into more debt is the way to go..And when you get to 5 years which is a long time another year extension is a punishment enough..
