Its becoming clearer... I see the light at the end of the tunnel!! However, I still have questions for you all!
My terms clearly state that at month 54 the IP will conduct a review of the potential equity in my property. Following this review a decision will be made as to weather or not there if sufficient equity to release - That I'm fine with. BUT! my IP is now saying that they are delaying the decision until later in the agreement? why would they do this? My only thought is that they may be hoping for a better valuation? As currently I am unable to release anything - circa 4k available.
Is this considered normal practice? Am I just looking to much in to it? Was really hoping that at Month 54 I would know exactly where I would be at.
If it states month 54 it has to be month 54. Remind them that if they want to alter the agreement they must put a variation to the creditors ( assuming you agree to it in the first place).
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Not sure how they can say later in the agreement unless you have a mortgage with NRAM which generally is longer anyway?
Month 54 is the trigger to allow 6 months to get things sorted.
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.
It may be an idea to get your own valuation and mortgage statement and send them to your IP unless there is a sixth year extension. The paperwork would then illustrate what equityn would be available and whether or not you need to extend.
Michael. This is what I have done for them as they asked for it. I have furnished them with valuations and mortgage statements. I think I will give them a nudge later when I get home. and then back it up with an email!
It might be an idea to put a time limit on the reply from your IP. For example if you do not hear anything back from the IP within 7/10/14 days then you would draw the conclusion that the IP concurs with your calculations and this gives you permission to cancel your payments at the end of the five year period.
I think Lifenoteasy is a bit of an expert on 'presumed consent' so perhaps you might not be able to get away with this but maybe worth a try.
When dealing with IP's and their staff and bearing in mind protocols etc. its more contractual than consent i.e. you have stated what you will do and if they do not respond then it is an agreement.
Its only implied consent if you accept at face value what has been stated by the IP and you are the client.
It is not an equal arrangement and that is reflected in the fact that no-one can force an IP to change a decision.
You can get them removed and someone can make a new decision but you cannot force them to change a decision.
I kind of hope that I have really misinterpreted the last bit simply because it does a disservice to a lot of good people who do their jobs 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.
That makes sense and thanks LNE. So I suppose that Simon is keeping up his end of the contract by submitting the info and if the IP does not object then they have kept up their end. Interesting.
It just comes down to there should be a finite i.e. time limited relationship between the IP and the client.
The deadlines identified by legislation, protocol etc. are there for a reason.
Extension by a client would I assume normally be based on a negative change to their financial circumstances.
Extension by an IP would I assume be 1) based on non compliance by the client or 2) poor administration (bar where they have formally made use of the 6 and 3 month extension provisions.
PPI as a factor is misleading given the number of examples linked to problems getting completion certificates.
I would be automatically killed if I was a character in one of my favorite books for defining something like this (The Dosadi Experiment).
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.
Stating a timescale in a contractual situation is not the be all and end all --- most courts would only admit a material breach of contract if time is of the essence and that phrase is used.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Not the same in this case because the activity is defined by statute.
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.
Sorry - I wasn't referring to the IVA terms but to the notion of putting a time limit on the IP's response and assuming implied agreement if no response to the contrary within the specified time.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
No harm trying plus it reinforces what you say about taking ownership of your IVA.
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.
Always worth a try. I must admit that I drove my IVA when handled by both of the firms involved. I did find that I sometimes had to explain a clause and usually came out on top. I like to build a rapport with whomever is controlling my life and make sure I can have my say !
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I've put in my month 54 house valuation and mortgage redemption statement, I've waited 2 weeks and asked where there are up to with the equity issue, they said I am in a queue and would be dealt with in due course..........god knows how long that will be
Also I had to contact them and remind them about the month 54 thing!
