is it too late?

[Barrym]

I have entered into an IVA with Money Debt & Credit Ltd,
But they have agreed to extra penalties that I was not asked about.
The original IVA was for £585 per month and a payment of £1850 at year 4 (LTV 85% House etc)...I was then told that the creditors wanted a minimum payment of £731 before they would agree to an IVA..I managed to re-do my finances and agreed to this payment.
The IVA has now been passed by the Creditors BUT they are also asking that I re mortgage my house at year 4 and pay 100% of my share of the equity to them.(joint mortgage).
I was never asked about this ...Do I have any chance to question this or is it too late? I have made a first payment of £731,
But still not had any new paperwork.
I am aged 54 years.

[accgroup]

Hi Barrym

Your IP should have gone through ALL modifications to the terms of the IVA put forward by creditors and obtained your agreement to every one before or at the creditors meeting. They would also usually ask that you sign a list of the modifications or a copy of the record of the meeting.

You should contact your IP as soon as possible and ask for an explanation of the property modification to ensure you get clarification on this point. If you would not have agreed to it then you should say so - they should have got your agreement before the IVA went through.

Hope this helps

Jane Finch
Insolvency Practitioner

AccumaGroup - A large insolvency practitioner service based in Manchester.
www.accumagroup.com

[Adam Davies]

Hi
How many times are we going to read stories like this ?
We need a safeguard regarding equity release clauses and the only fool proof way that I can see is for the debtor to have a meeting with a solicitor or the actual IP before commencing the IVA.If the equity clause is added at the creditors meeting then an adjournment must be made whilst the debtor visits the IP or a solicitor to sign a document fully explaining the implications of a fourth year equity release.
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

[iva.com]

Hi Barrym,

I'm sorry to hear about your situation. Would you consider posting a review of your experiences at www.IVA.com? This could help others entering into an IVA to avoid a similar situation.

Please let us know how the discussion with your IP goes.

Kind regards,
Terry Balfour
IVA.com

IVA.com - The IVA Comparison Site
100s of reviews, All IPs and IVA firms rated.

Use our IVA firm comparison tool to find best IVA firm for you:
http://www.iva.com/iva_comparison_1.asp

[Cybus]

I wonder ... what date was you IVA approved on?
If you cannot get a satisfactory answer from the supervisor, I wonder what those IP's posting on this forum would think to the suggestion of a Section 262 application being made? Providing he is still within the 28 day time limit of course.
Could such an application be made with a seperate order for costs against the supervisor if they are found to be at fault?
What I'm saying Barrym is that, in not contacting you and discussing the modifications and their implications, the Nominee / Supervisor might have been somewhat negligent in their duty of care to you?



Tell it like it is.

[MelanieGiles]

That is a good idea, the very threat of such appliation would make the IP sit up an deal with this issue appropriately - although it is very likely to end up in a he said/she said position. Perhaps the judge would side with the debtor, but the creditor is unlikely to withdraw the modification and then the IVA is null and void.

I assume that the modification refers to 100% of the equity release, based upon an 85% revaluation and not 100% of the full equity which would be impossible to raise.

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

[mikebdomain]

I read it as 100% of 50% of 85% LTV.

Barrym how much time do you have left on your mortgage?

And for the IP experts is a consideration usually given in an IVA about remortgaging into retirement?

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

[MelanieGiles]

IPs always consider this Mike, unfortunately creditors do not!

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

[Barrym]

Hi
You may remember my last posting on 11/09/2007.
I triedto contact the Joint supervisors of my IVA ;but I was told that if I did not agree to the modifications they would make me bankrupt and that would mean I would lose my job.
I have now paid 3 payments and although I have written to the suppervisors 3times I have not had a reply.
It seems that now it has been agreed and they have their fees agreed, they are not interested in answering my letters!

[MelanieGiles]

What charming people! Are you managing to make the payments despite your annoyance at being pushed into a corner to be followed by being ignored?

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

[tracy.h]

Hi Barry
Doesnt sound like you have been treated very fair,rings a bell as to how i was treated,modifications being excepted on my behalf.
I actually had my iva failed and got my money back would be interesting to know who your iva company was.
It might help others who are going through the iva process and also iva.com have a post where you can write your experiences about how you were treated.
I hope you can get this sorted out,and i would be surprised if you have only made a few payments if the company would apply for br proceedings unless this is stated on your proposal.

Tracy