I could be in danger of losing my home

[ray_a]

Desperate

I went through something similar on a different area and thought about taking an action but was warned off!

Advice provided both legally and through the forum would be to try and obtain a variation first.

It does look like though the relationship with your IP may be breaking down but it might be worth a try!

[Adam Davies]

Hi
Just to follow up on Rays point.
Your IP should firt go to your creditors stating that you are unable to remotgage due to the shared ownership and ask if they will accept a further years payment instead.
You make a good point regarding the quote " most importantly, if implemented have a realistic prospect of being achieved." It obviously did not !!!
The IPs regulatory body is the next step after the variation meeing,if it,s not successful.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[desperateneed]

Thanks to you all for being so kind, it renews my faith in human-kind!
Mike: thanks for the offer, but I am tired, battered and bruised so have arranged for 3 x estate agents to come and value to the house on Saturday; I just want this bunch of cowboys out of my life as soon as possible, but the injustice is a bitter pill to swallow. My IP states that if I go for another creditors meeting to ask for an extension, and they refuse, the IVA will fail and they will have no alternative but to make me bankrupt - I can't take that risk; if I sell at least I have the chance of coming out of this with something (to put towards a caravan - ha, ha, ha - don't know what I'm laughing at???).
Spoke to the IP late yesterday afternoon and have told them that it is my intention to sell, but they will have to obviously bear with the selling process as it does not happen overnight, and in the meantime I would continue with monthly payments into the arrangement. They verbally agreed this, but have followed with an email and have requested a written response - I ain't taking no more chances with 'heresay'... still waiting ...
Ray: Thanks for your input, and although I haven't been warned off, I am living proof of being a victim of their incompetence, wheeling and dealing and bullying tactics and do fear that should I complain at this point it could be a bad move on my part; I am frightened that they will just fail the IVA and just make me bankrupt.
It is not my nature to 'throw the towel in', but I sick and tired of the effect this is having on me and my family. The longer I stay in their so-called 'care' the more dangerous it feels. Suppose you have to know when you are beat? However, when all this is over, and I have no home I will have nothing to lose will I? [}:)]You never know, might be able to make a few bob out of the media? Every penny counts when you live in a camper van!!!

[Adam Davies]

Hi
Why not try the variation meeting and then sell if it is not accepted.
Don,t throw the towel in just yet.
You really have been poorly advised and have cause to complain.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[Adam Davies]

Hi
It,s cases like this that leave a nasty taste in your mouth.
How ridiculous and unfair and I,m sure that your creditors will not want you to have to sell up.
Your IP,in my opinion,is trying to save face and does not want to propose a variation meeting and admit that he has made a mistake in allowig this modiication.
Please write a recorded delivery letter insisting that he calls a variation meeting.
Regards


Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[desperateneed]

Hi Andy
Thanks for your support, perhaps I'm just feeling low today; so very tired (a symptom and side-effect of no sleep cos of acute anxiety). As well as the four-years this has been hanging over our heads, we thought we were approaching a light at the end of the tunnel; but real pressure has been on 100% for the past 7-days - it is all I have done. My husband is absolutely furious as the figures (which as you remember I had to instruct and pay a solicitor to obtain) show that after 4-years of living on the bread-line, we have only managed to pay the IPs fees (which are £7,331.94, and I am sure increasing at an alarming daily rate) and £2k off the original debt of £22,168.06, he just wants shot of them (or words to that effect!!!). However, I do agree that I think the IP knows they have dropped a clanger (for want of a better expression), and that they are trying to avoid an embarrasing admission to the creditors, and by trying to force me into either selling, or providing a lump sum, thus they save face. The thing is, I can't afford to trust a word they say - I don't think they could like straight in bed! Meanwhile, I don't think they can do much if I have agreed to sell, meaning it won't sell overnight, plus the prospective buyers will have to meet the Housing Associations criteria before they will approve the sale. Must check my emails to see if the IP has replied to my email re yesterdays telephone call ... don't hold your breath!

[catullus]

Hello desparateneed

It sounds as though you have had enough!!

I have to say that the facts as you have explained then really don't make sense.

The most current IVA proposals (and the modifications which creditors use) don't generally force a sale and the type of clause and modifications that were being used 4 years ago were generally even more loose.

That's why your story doesn't sound right (I'm not suggesting that you're wrong) but it doesn't quite fit the facts.

Unfortunately, unless you can post the modification word for word it's hard to say much more, other than that your solicitor sounds as though he is pretty sure of himself. Was he suitably experienced in insolvency, do you know?

[MelanieGiles]

Catallus

I feel that the modfication being referred to here is the oldstyle KPMG - 4th year revaluation, two offers of remortgage, debtor to choose best offer, release 100% of equity - but as you say it is difficult to advise without the full wording.

If this is the case, I would suggest compliance with the mod - ie revaluation (can be done easily), two offers of re-mortgage (easier still - both will say no remortgage), therefore best offer is zero, therefore debtor has fully complied.

Can't help but think that there are some bully boy tactics going on here, from an obvious volume processor who have their own mortage arm - talk about lack of independence! Now I wonder who that could be!!!

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[desperateneed]

The solicitor has my file which includes the Chairmans Report etc. however, I have asked to collect this from him tomorrow. On receipt I will post the exact wording of my orginal proposal and the modification.

[MelanieGiles]

Catallus and I will await this information in eager anticipation of being able to offer further assistance.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[catullus]

I agree Melanie

Desparateneed please post this info because you'll see that both Melanie and I are very confused about all of this.

I'll make a special note to look out for any post from you tomorrow

[desperateneed]

Hi Mikebdomain
Thank you for your very kind offer of supplying me with a quote stating that it is not possible to remortgage based on your panel of lenders and my current circumstances; I would be delighted to take you up on this offer, what information would you need from me and how quick could it be done? I have drafted a letter to my IP today and would like to ideally enclose this for their information.
Many, many thanks ...

[mikebdomain]

look at my profile and use the freephone number supplied on the website, ask speak to Jamie or Kevin and explain the situation, either of them will email you the quote straight away.

FREE ADVICE IS THE BEST ADVICE

LEYBRIDGE LIMITED
Mortgage Broker
Specialising in adverse credit.

see feedback and testimonials at:
http://www.leybridge.com/testimonial.php
Check out my blog at:
http://mikebdomain.blogs.iva.co.uk/
Please read our Initial Disclosure Document(IDD):
http://www.leybridge.com/Leybridge-IDD.pdf

[desperateneed]

Dear Mikebdomain

'THANK-YOU' - have just spoken to Kevin and based on the 50% Housing Association's involvement he will write to me with another refusal that I can forward to my IP!

May I add that should we ever be in the position to buy the other 50% from the Housing Association you will be my first port of call!

Thanks again x

[mikebdomain]

Glad to help - hope everthing goes well

FREE ADVICE IS THE BEST ADVICE

LEYBRIDGE LIMITED
Mortgage Broker
Specialising in adverse credit.

see feedback and testimonials at:
http://www.leybridge.com/testimonial.php
Check out my blog at:
http://mikebdomain.blogs.iva.co.uk/
Please read our Initial Disclosure Document(IDD):
http://www.leybridge.com/Leybridge-IDD.pdf