I am pleased to be able to advise that my story has a happy ending. On the advice that i received, i wrote to DEMSA who are a regulatory authority who DFD are members of. Although i only wrote to them for advice, DEMSA actually treated it as a complaint against DFD and contacted DFD. Although the ou...

Thanks everyone again for the support and advice. I will get in touch with the regulators and certainly ask to see the secured loan application if I'm forced to take this route.

I have recently raised two questions on this forum regarding being forced to take out a secured loan in lieu of a remortgage to complete an IVA. The IVA is being managed by Debt Free Direct (DFD). The almost unanimous response that I received from the two posting was that I should not be forced to t...

Thanks Michael for your response. Just to clarify, the quote I have given in my question is the modifiction from the chairmans report and this is also the clause that DFD have quoted to me as being the reason I have to offer the secured loan. From my reading of the original proposal and the modifica...

Thank you all again for your responses. I am now trying to speak to a different person at DFD to get their position confirmed. Of all the responses that I have received (over 50 from by two postings) not one has suggested that this is normal and yet when I have spoken to DFD they could not see what ...

I am at month 54 in a 60 month IVA. I recently asked a question about having to take out a secured loan at a high interest rate over a 15 year period as settlement of my IVA. The unanimous response, including from the experts, was that this seemed unfair. I have raised this with my IVA agent (Debt Free Direct - DFD). An extract from the relevant clause in my agreement is:
“After month 54 of the arrangement the Supervisor will obtain a professional valuation of the property. The debtor will then obtain two remortgage quotes from reputable brokers/lenders to satisfy the Supervisor that the equity realisation is the maximum achievable. The property shall be re-mortgaged to a maximum of 85% loan to value less existing secured borrowings. A re-mortgage of less than 85% loan to value is allowable where the lower realisation will introduce funds equating to 100% of the debtor's equitable share or where the arrangement will receive payment in full. Where the debtor is unable to obtain a remortgage the IVA should instead be extended by up to 12 months.â€￾
This only talks about a remortgage, not secured loan. The Mortgage Adviser that DFD appointed has stated they are unwilling to recommend a remortgage to me only a secured loan.
I have told DFD that the advice I have been given is that since my agreement only mentions a remortgage, I should not offer the secured loan as settlement but instead should make 12 months further payments. DFD are unwilling to take this approach and say I have to offer the secured loan to my creditors or face the risk of defaulting.
I am very disappointed with DFD. They have shown no interest in my concerns, but instead want to take the smoothest course possible for themselves.
I would like any further advice as to where I stand and what other courses of action are available to me. Is it still the opinion of the experts that I should not have to offer the secured loan? I can’t afford any legal advice and so feel helpless as what to do next.

I have 6 months left before the completion of my IVA. Under my agreement I have to try and release some equity in my property in the final year of my IVA. My IVA providers have found a secured loan which they believe will close my IVA. It is at an APR of 20.5% and runs over 15 years. Is this normal?...