Til, Thank you for your post and link to thread regarding equity. I am now in the process of questioning dfd regarding valuation. I am lost with this re-mortgage aspect as I owe £104K on house and at last valuation the house was valued at £135K subtract the £4K loan against house and there should be a reasonable expectation that re-mortgage is possible. I do not know what figures dfd have used if any (I do not think they have even bothered as they say that the re-mortgage was only just looked into). dfd is a difficult company to deal with at best and the constant threats of bankruptcy every time you question them is well, I don't know you decide.
we too have problems with DVD, our arrangement states year 4 but nothing was done by DfD even though we gave them our mortgage balance. we had no contact from DFD in over 2 years apart from our I and e every December. We resent our mortgage balance 12 months later and it was not till 2 months after our last payment told us to pay 12 months more, but they had to have a creditors meeting first.
Forgive my ignorance, my understanding is that part of the 'contract' if you like is to achieve a minimum of so much in the pound.....we had to achieve 75p in the pound. So if you have achieved that by the end of the original term then surely that should be it. At the start creditors realise that it is a possibility that they may not get any equity from people's houses hence the minimum pence in the pound. So to add another year is ridiculous as it is truly getting blood out of a stone !! I realise that IP's have a duty to get as much back as possible but surely if there is no equity adding on extra months is ridiculous if the min has been achieved !! NRAM are no doubt the root cause of this, which of course read government !!!!
We have just found out exactly the same about our IVA, finishing post is in site after a 72 month IVA and credit fix dropped the bomb that a 7year will be needed if there is any equity in our home, we are also with NRAM. At this present moment I regret going on an IVA !!!
Well I can tell you that my issues have now been resolved as DFD has re-reviewed our case and decided that we have met all the conditions of the IVA and therefor a seventh year will not be needed. So in short a persistant yet patient approach with DFD has resulted in just 2 payments to make and then all done. Stephanie G, keep the pressure on your IP and ask for a re-review of your IVA and ask if the p in the pound has been realised. Question them and call every day if you have to.
