Very Concerned ; My IVA Payplan
I have just put the phone down from Payplan and this should concern any person contemplating taking out an IVA, here are the facts ;
#My Equity Clause when from 75% to 85% in Year 5 without me knowing !
#Playplan have advised me they need a Valuation of my property in year 6 of my arrangement.
@ Because of the BOOM in House prices in my Area the equity could be as high as £65,000 x 85% , therefore me owing £55,000 on the 6th anniversary of my IVA !!
Payplan informed last week there was no chance of the Creditors making me Bankrupt, but now they have issued an apology and informed me that the Valuation has to go the Creditors and YES they could make me Bankrupt!
I was never once informed of this situation when taking out the IVA in the First place , as property prices have increased in my area over the last 6 months.
Payplan cannot give me any guarantees that the Creditors will not Bankrupt Me !
I am extremely Concerned , can anybody please advise me please
Equity release is really tricky. Even a tiny comma in the wrong place changes the interpretation of the clause. Different companies seem to use different interpretations so people need to ensure that they 100% understand what is expected from them.
I will say though that I thought T&Cchanges had to bbe accepted and couldn't jyst be changed.
I see through reading all your previous posts an IVA has not been easy for you so well done for coming thus far. In respect of the equity you need to ensure they take your partners share of this into consideration as I'm reading (previous posts) that they have nothing to do with your IVA/debt.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Hi thank you for you valued replies , since my post I have taken further legal advice and Payplan have now informed me the creditors cannot now make me bankrupt , as the agreement clearly says that if a loan or a remortgage cannot be attained a 12 month extension will come into place ? This will take me into 96 months , must be the longest IVA in British history ??
I think those considering IVAs should think about who they use more than the IVA itself. IVAs are an excellent way for people to address their debts but not all firms behave the same way. Get free independent advice from the professional sector and do not rely on the companies funded by the banks or the so called charities.
I was with Payplan. I was not very happy with the way they dealt with my equity release and also was threatened with bankruptcy because I could not re- mortgage. The creditors did agree to an 12 month extension but it was a very worrying time as it took 9 months to sort out. They certainly seemed to fall down when dealing with this part of IVA.
As I have said before ( and will, no doubt, do so again) the big players are becoming very creditor focused and, in my opinion, are forgetting the needs and feelings of the debtor in the process.
Many are either funded in part by the creditors and / or are fed leads from the creditors, which, to my mind brings about a conflict of interests.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
We did. made that choice and was then moved to someone that we would never have chosen if given the opportunity.
If an IVA is a minimum of 5 years I still believe that places an obligation on IP's to do what is needed in that period as well.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
I think anyone entering into an IVA has to be clear about the remortgage/secured loan possibility before going ahead, up until recently it has been presumed that a twelve month extension would be almost a certainty
