Gutted. My last payment was due Dec. I paid it early this month thanks to my girlfriends help. Spoke to my IP in Sept to look at options who said this would then lead to closure. I Received an email stating it was now being passed to the closure team having provided my latest mortgage update. Bang... I receive a letter Friday stating as a result of a mod they are extending my term for a further twelve months. I feel like the world has dropped out of my life. Having read the mod it states in the 4th year a valuation should be made of my property. How can they hit me with this now at the end of year 5. Surely this should have been asked during the 4th year. It is complete incompentance on my IPs behalf as I see it. I have passed on each year my I&Es including my statements and answered any questions they had etc. Nothing had or has been made clear that an extension could be made only that the IP should convene a general meeting and look at alternatives. Also during my call in Sept the IP indicted that there should be no problems and never mentioned any possibility of extensions etc. Mel and Andy may remember me when my IVA first started and I questioned the mods (Forum 23rd Aug 2007) after a year and found out the IP had not even registered my IVA at the time. Mel your comments of " consider putting in a complaint" is what I remember and never followed it through as the my IP then changed. Another 12 months will kill me. I thought my prison sentence was over. I am determined to fight this as I am now a broken man. Can they do this.I have my final report. Help please.
so sorry you are now facing an extra 12 months. Unfortunately many people with quity clauses are facing additional 12 month of payments as they cannot release any equity ... It may be worth looking through your proposal docs and any modifications from your chairmans report to see exactly what it says - you can try to challenge but on this occasion I am not sure what success you will get.
Try and stay focused ... I know how hard it is to be so close and then find you have 12 more payments to go ... Let us know what happens !
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
Bit strong plasticdaft ..... It may not be the IP's fault as the poster seemed to know that it existed but did not act on it - presuming his IP would give them a nudge to remind them.
It is for us to take responsibility for the content of our proposals as well as the IP... So not sure we should be calling them a "firm of cowboys!"
Last edited by luluj on Mon Nov 21, 2011 5:47 am, edited 1 time in total.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
Whilst I can wholeheartedly sympathise with you is it not the case that had you been able to release equity from the property you would have actually ended up paying back more? The 12 months of extra payments may seem like a 12 month prison sentence now but had there been remortgages available you could have ended up paying a lot more over in equity that was released which you would have paid back over a lot longer than 12 months.
"Just when you think that you can make ends meet, somebody moves the ends."
Not wishing to belittle my previous IP.The original supervisor got struck off in the high court.
No names mentioned but will explore it if I don,t get a fair deal, after all I have done my best to deliver what I was committed too. To be fair my new IP have been helpful when I have had the need to call, only once the transition had taken place from the mess of the previous IP. I hold evidence of their incompetence.
It was a very stressful time such as it is now. Even more so as I planned my next stage of life. Sad.
Yes the mods where there and I knew of them.
My question is who should have the overall responsibility to ensure we were compliant with the rules, me or the IP. Presumption may be the answer on both parts. So unclear as I see it, however would appreciate your comments.
They make money and if this would have been challenged, mentioned or even requested by the IP in or at the 4 year point then it would have been different position now. To the extent I would / could have sold my house and moved on instead of paying, as such rent (interest only) to keep my mortgage alive, knowing it was best to stay with it after completion.
These options were taken away from me, why, because I or the IP never communicated it directly except for a line in the yearly report. I suppose I should have read this and be expected to understand it and act accordingly.
Where is it listed or communicated that these are the options to me at the 4 year point.
Not cowboys only measured management as I see it on behalf of IPs, be it mine or possibly other forum posts situations. I will follow a complaints process if I have no options or success.
All I want is a fair deal, ownership with my IP or the IVA process, I fully own that I put myself in this position in the first place.
I feel hard done by after all my efforts that,s all.
Can someone please let me know any complaints process.
I must also read some other posts and learn from them. Wish I did earlier and kept ahead of the game instead of keeping my head down thinking it was all so simple and the process would follow it,s course.
Good luck all and please, please don,t presume or take anything for granted.
I would check your proposal with a fine tooth comb, as my IP has mentioned frequently to me about the 60 mths becoming 72 if I have no equity, and I too have checked this out and confirmed many times. 12 months isn't long in the grand scheme of things, and as a few others have said, this works out less than the equity would have been anyway.
We all have challenges through life, and have to deal with them accordingly. I personally would talk to my IP again and have to hand a copy of your proposal and any other letters you have received.
Started IVA 27th Feb 2012 - Due to complete 27th Jan 2018 !!
Full & Final submitted and accepted 30th March 2015, paid 10th April 2015 - 3 yrs 1 month into IVA
Completion Certificate received- 30th April 2015!!
I am in the process of fine tooth combing. Have the proposal and the letters and file so big it is in two of them. Speaking to my IP too.
Bearing in mind my mods hit me some 7 months after the first approved meeting as my files show, and then to find out I wasn't even registered and them transferred to another IP. A mine field at my expense at the time.
Interesting I never received an updated signed proposal or contract. Only the original and signed mods. Umm.
I never knew or was informed of the options at the 4 year point,be it 12 months or other options. What were these options I didnt know.
MrsR at least you have been told about them.
A line on the mods only scuppered me at 59 months. No one explained what the detail was or what they meant.
This is my argument.
5 years of the challenge is enough let alone the last month when I thought it was nearly over. 12 more months is a shoot in the heart.
No disrespect to you guys, would be interesting to see what Mel or Andy has to say. Come on both, your posts in 2007 made valid points at an early stage of IVAs. One of Mels team gave me a call and some fantastic advice at the time. Wish I had moved to her IP.
Absolutely, and you are entitled to answers to your many questions. Hindsight as always is a wonderful thing when it comes to things like this !
I would chase up the insolvency registration and the amended proposal definitely.
Started IVA 27th Feb 2012 - Due to complete 27th Jan 2018 !!
Full & Final submitted and accepted 30th March 2015, paid 10th April 2015 - 3 yrs 1 month into IVA
Completion Certificate received- 30th April 2015!!
The iva is a contract between you and your creditors so responsibility for it's management falls to you and it is for you to query anything you don't understand. Ignorance is no excuse. Whatever your previous IP did, the clause and actions you are objecting to appear to be standard among homeowners so there isn't any cause for complaint in these grounds. You say you knew about the clause, so why didn't you remind your IP at the appropriate time?
I'm doing my extra 12 months and yes it was a bit of a disappointment when I couldn't get a re-mortgage. My IP has always been ok but I knew the score so it wasn't quite so devastating as your news. The 12 months will fly if you take it in stages...Christmas, New Year, Easter....etc. Sometimes we have to just bite the bullet. At least you're not left with bigger mortgage payments for the next goodness know's how long!!!! If you have been misinformed or whatever I hope you can get it sorted but lots of us are having to do the extra mile so you're not alone.
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by luluj
Bit strong plasticdaft ..... It may not be the IP's fault as the poster seemed to know that it existed but did not act on it - presuming his IP would give them a nudge to remind them.
It is for us to take responsibility for the content of our proposals as well as the IP... So not sure we should be calling them a "firm of cowboys!"
Dont think its too strong at all given the way things started out on the op 's iva.
Plus it cannot surely be up to clients to contact their ip when they want to attempt remortgaging!!
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
It should be a joint responsibility to remember what happens and when but at the end of the day it is us that lose out if anything gets forgotten. The OP here obvs thought if they kept silent the IP would forget and now they are disappointed that it's caught up with them. And it will always catch up with us!
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Broke of London
The iva is a contract between you and your creditors so responsibility for it's management falls to you and it is for you to query anything you don't understand. Ignorance is no excuse. Whatever your previous IP did, the clause and actions you are objecting to appear to be standard among homeowners so there isn't any cause for complaint in these grounds. You say you knew about the clause, so why didn't you remind your IP at the appropriate time?
Come on BoL,the management of an IVA is the resposibility of the insolvency firm,the client doesnt get paid a large sum of money to run the show,the IP and his/her company do.
I agree though that knowing you were expected to attempt to release equity and not asking when it didnt happen was in poor judgement perhaps.
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
That's a big assumption BOL and I don't think it's fair to assume that the OP was trying to hide anything. It sounds as though there have been problems all the way through, so the OP really does need to take this up with his IP.
