Hi
I have been in an iva for 51 months. I am with dfd. They sent me a letter about a change to the contract. Something about a new protocol. But to be honest I may have been reading it in french! I have just had my equity release review and I am unable to release any. Could you explain what the changes are and how will it affect me.
One of the major changes discussed on here has been the additon of a requirement for the debtor i.e you; to attempt to release equity using a secured loan if you can't remortgage. Personally I'd refuse to sign it. I am sure the more experienced contributors on here can expand. Personally I think it's way out of order for these IVA providers to be asking people who have already got ongoing agreements in your case nearly completed to sign up to the new protocol.
Last edited by MikeyM on Wed Feb 26, 2014 7:38 pm, edited 1 time in total.
DFD have been pressing clients to release equity by secured loan, contrary to the agreed terms, for some time. They are now using the new Protocol, which allows secured loans to be used, to get their way.
When a new protocol is introduced it is not applied retrospectively, but DFD are attempting to do so by asking you to agree the new terms.
If you are happy with your current terms, leave them as they are.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
