Wonder if I can get some advise please. Just going through the equity release malarkey with Creditfix and after having to chase them I'm finally getting somewhere. I received a letter from CF last week stating the equity release is £46k as of 85% LTV, although I'm querying this not because I think it's wrong but it should be 50% of that figure as it's a joint ownership with my wife. That's not the issue further down the letter it stated I had to remortgage which I know, but that a "remortgage includes other lending, such as a secured loan." I thought thus should not apply to me but now I'm wondering as my IVA started in May 2011. It also said they will introduce me to a company called Just Lending (Scotland) Ltd to look at lending options. It did also say I could look into this myself to try and remortgage and provide evidence of rejection etc. I assumed all this was just a standard template letter. I sent in two mortgage rejections with HSBC and Chelsea Building Society, which my caseworker accepted and said he would look at progressing a way to move forward. I assumed it would be continue the IVA for an additional 12 months. However last night I had a call from someone from Just Lending from a number suspiciously similar to a CF number to discuss equity release, I had to put them off as I was about to go out so she will call back probably today. Can't say I'm too happy my details have been passed to this company and certainly don't want a secured loan with stupid interest rates, we haven't come all this way to be saddled with more debt. My wife is livid and will point blank refuse to be included in a secured loan (can she do this as she's not in the IVA?).I just wondered what my options were? Can I just say no thanks to Just Lending as I've already sought to remortgage? Can I decline to use them full stop or do I have to see what they offer? Can I refuse a secured loan?Anyone else been through this with CF? Sorry about the long post but after a stress free 5 years this is making me anxious. Any responses greatly appreciated.
I think that if there is nothing in your original paperwork about a secured loan that they cannot force you to do it. Hopefully one of the experts can help out further.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Hi was the Iva set up with Creditfix? I was originally with another firm who categorically stated this was not a secured loan but a remortgage. I have not seen anyone who was moved to Creditfix post on how this was dealt with yet, I have enquired but either they all had no equity or didn't want to comment but I will not be taking out a secured loan. My Iva started in 2012 pre protocol? I have not signed any amendments to my T&C'S so fully expect Creditfix to stick to the agreement.
My original IVA was with PJG, and like most got moved to CF last year. I'll go through my paperwork later and hopefully find nothing regards secured loans!
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I did trawl through here to find the quotes (Foggy found 1 too)I now have a screenshot of both quotes. One actually says Mel took counsel's opinion on this. A remortgage and secured loan are Not the same thing.
AJB I am sure it won't! You need to contact Creditfix and tell them to look again! If you need my screen shots let admin know. Foggy may still have the link to the topic on here too
Hi AJB. You ought to look under Members Blogs, My IVA Experience, written I think by Longslog, and there you will find the template letter etc to challenge your IP. Good luck
I was originally with PJG and all documentation in our proposal regarding equity clearly states 'remortgage' theres no mention of other means. Its either no equity, remortgage or extension. When we get to this stage I will stand firm against secured loan as its not in my paperwork. I believe its mentioned in newer ivas but its definately not in mine and i havent signed new terms. Good luck.
I remain of the mindset that to take an IVA to rid yourself of debt, only to be told at the end you will take a loan is wrong on so many levels! I know we sign for the equity release but not for a loan.
I can imagine the new proposals are written in with secured loan...are they?
Fight this all the way, I would.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
I rather think new proposals do have this clause in them.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
