Having missed the subtle change from equity release will be calculated at 85% LTV to debtor can retain 15% of equity when we transfered from MD&C to GT is there anything I can do to not have to apply for 100% re-mortgage get 2 rejection letters then add another further 12months to mine and my wifes IVAs. Which by the way were already extended to 6 years so to return at least 40% to set of creditors.
I am afraid not Andy -- you have to go through with the agreed terms. I am assuming that you signed a variation regarding the change in equity release provisions (despite not noticing the subtle changes).
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Yes we signed new agreements which refered to the IVA proticol but then then said "For the aviodance of doubt: if the amount of equity available in the home at month 54 is under £5000, it does not have to be released". However our agreement had been extended to 72 months already and we weren't ask to provide figures untill month 66. now I have contacted GT they say this is just a standard form and we must abide by the fact that in general it is mid way through the last year that the figures need to be supplied. can they use only part of this statement as from our mortgage statemnt at month 54 we would be under the £5000. Please can somebody restore my faith in this system.
Can I claim GT have miss sold this iva as in my transfer paperwork they say the terms of my iva wont change at least twice, and also that theres are more favourable several times. If however I had stay on my old terms which used a 85% LTV calculation there would be no equity to add in therefore saving me 12 month extra payments at total £7800. Plus finishing in 3 months and none of this stress I'm now under.
I doubt there is a case for miss selling on the transfer terms, as you were given the option to read them, and also the option to refuse. I agree that there were a few "smoke and mirror" tricks used but none that would warrant miss selling (in my opinion).
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Thinking I will get my rejection letters and expect the inevitable 12 months extention, but feel I can't let it go without a formal letter of complaint to GT.
Sorry to rant on but still very erked by GT. Just been looking at their web page "IVA the facts" to check about current equity release policy to see what they say which is
If you own a home you may need to release equity from its value to pay off debts.
Any remortgage may attract higher interest rates and, if a remortgage is not available, an IVA may need to be extended for 12 months.
Further information regarding the treatment of properties in an IVA can be found by clicking the following link.
IVA protocol 2014, final - Gov.UK
How is this ethical or legal as the IVA protcol uses a differnet method of calculation ie the 85% LTV. [:(]
What they say on the website might well apply in some of their proposals -- however, how they amend those drafted by other companies they purchase cases from appears to differ. As, it seems, does they way they calculate equity according to which way the wind is blowing.
Not much help to you, Andy, but I would strongly advise anyone going into an IVA to check this aspect thoroughly with the IP and get the reply in writing.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Received another letter from GT today which was supposed to show where in my proposal this equity release was explained. This letter say Home equity (Net worth)
9.1 etc and goes on to explain in detail to explain how GT have worked out my current equity.
However this is not the wording on the proposal/contract I signed.
Thanks Foggy. Planned course of action is to comply with thier request for 2 failed re-mortgages applications. Compose a 2nd formal complaint highlighting the discrepences. Then if get nowhere contact the governing body.
Any advice on whether to carry on making payments after my original term finishes would be much appreciated, as I can easily see this dragging out passed my final 3 payments.
If it looks like you are going to get an extension, it would be as well to continue paying -- that said, if you don't get an extension, getting overpaid monies back is like staring into the gates of hell !!
Trouble is, if you stop they could fail the IVA after three "missed" payments.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
For a point of clarity, Is clause 9.1 of the IVA protacol to be used in conjunction with clause 9.2 and 9.3, or can they be used as either 9.1 or 9.2 ???
