Hi I'm in my last year on my iva it was due up July 2021 rather than release equity in June ( I was told I didn't have to due to pandemic)I was going to do another 12 months at my monthly iva payment of 127 pound I realised they've not been taking payments even thou I received a email saying they would be taking the payments from Aug 2021 and it was in lieu of Any equity release .I've alerted them early Jan of the non payments and they now saying I need to send a mortgage redemption letter before they can take payments I'm hesitant as I think they may go back on there original offer and ask now for equity release I've not been able to speak to my ip as no-one returns my calls and emails as promised can any one advise or help me please
Hopefully you have correspondence confirming the agreement to extend by 12 months in lieu of equity release.
I would write directly to the IP by email, firstly complaining about the lack of response and then asking why they require this statement now, as the matter has already been dealt with and agreed.
If you get no joy you can then escalate a complaint to the IP's regulatory body.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Thanks for reply yeah I've got the email saying about 12 month extension he just keeps repeating that I need to send redemption statement for them to complete and won't confirm in writing that we wo t be asked to release equity in future until he receives statement I've also emailed requesting contact with ip explaining situation also when I first contacted them to alert them of the non payments I was told my iva was finished I'm completely Confused as none of them give same info and it seems impossible to get any contact with ip
The temporary covid arrangements, under which your extension was agreed, say:
1.12 No attempt should be made to realise a consumer’s home equity under paragraph 9 of the protocol during the pandemic unless the consumer agrees to proceed. The supervisor will retain the discretion to extend the IVA for up to 12 months in order to allow the consumer to complete their IVA. Voluntary release of equity can continue to be included in new proposals.
On the face of it, as no attempt was to be made, and, indeed, wasn't as the extension was agreed, there is no need for a redemption statement, unless they are seeking to confirm that there would have been more than £5k equity available, to check whether the extension should have been applied anyway --- that absence of this check might be why no extension payments have been taken.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Debt Movement have offices in South Africa, as well as the UK. I do not know, but, from other posters comments some UK admin might be being dealt with abroad with little experience of the UK IVA process.
Anyway -- they have 2 IP's and I have done a search and found that yours is Laura Prescott:
Insolvency Practitioner Details
Name
Mrs Laura Jayne Prescott
Company
Debt Movement UK Ltd
Address
3rd Floor, Marsland House, Sale, Cheshire, M33 3AQ
Telephone
0161 850 2177
Fax
IP Number
15010
Licensing Body
IPA
Email Laura.prescott@debtmovement.co.uk
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
