Get expert opinion. This is the place for new questions to be posted.
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Chingy1976
- Posts: 10
- Joined: Fri Aug 28, 2015 7:59 am
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To start with I'm sorry, as I know you have had this same thing time and time again but....
I started my Iva with Wilson Phillips late 2008, this Iva got taken over by grant Thornton,
My last payment went to GT in Feb of this year after 60 payments, I have sent them my valuation, outstanding mortgage and secure loan settlement cost,
I rang GT this week and asked where my completion certificate was, they replied I have over £5000 equity and I would need to remortgage??, I am not to shabby with the ole calculator and worked it out in Feb this year to not be the case
Valuation of property £123.000
Mortgage outstanding £80.500
Secured loan £34294.92
So £123000 x .85 = £104.550 LTV
£80000 + £34294.92 = £114294.92
Does this mean I have £9744.92 to give them or does this mean I am minus £9744.92?
I am confused and need help before I tackle them again on the phone
Regards
Phil
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relieved33
- Posts: 1166
- Joined: Mon May 18, 2009 7:22 pm
- Location:
Depends on wording. How you have presented the figures, you have nothing. However, some companies now seem to be saying 85% of equity (£123000 - £114295) being £7399.25. Check your proposal as I believe from other posts on here that some companies are trying it on!
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relieved33
- Posts: 1166
- Joined: Mon May 18, 2009 7:22 pm
- Location:
Check redemption dates too. Mine said at month 54 so ensure your redemption figures are at this date. You will have paid another year if Feb this year was month 60.
Their timing is shocking if they're only just saying that you need to release equity.
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lifenoteasy
- Posts: 3248
- Joined: Thu Feb 05, 2015 2:26 pm
- Location: United Kingdom
Sorry but shouldn't your IVA have ended 2013/14 after 60 payments?
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.
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Chingy1976
- Posts: 10
- Joined: Fri Aug 28, 2015 7:59 am
- Location:
My final payment was Feb this year, they said that it was my last payment, I did send my valuation in a little late and my figures but that would have only gone down since
I heard nothing from them apart from ppi requests (for the third time)
My wording States
I have to try and remortgage at a maximum of 85% loan to value of the property less the existing secured borrowings,
The sums raised may be lower than the LTV less secured sums, if I can demonstrate that the mortgage will result in funds being introduced into the Iva which equate with either 100% of my share of equity or payment in full to creditors, the amount to be introduced will not exceed 100% of my share of equity
Does not make any sense to me
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relieved33
- Posts: 1166
- Joined: Mon May 18, 2009 7:22 pm
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I did wonder about the dates as it started before ours that finished last year. I assumed there had been payment breaks. On a positive note based on those dates, credit file should be cleared quite quickly once certificate is issued!
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Chingy1976
- Posts: 10
- Joined: Fri Aug 28, 2015 7:59 am
- Location:
Oops I meant 6 years not 5 years, I had to go for 72 months (early in the morning for me)
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relieved33
- Posts: 1166
- Joined: Mon May 18, 2009 7:22 pm
- Location:
It sounds to me like there's no equity if it says specifically 85% ltv. I imagine someone's put the figures into a spreadsheet incorrectly. Challenge them via email detailing the figures as you have here. Ask for a written response by return and good luck!
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lifenoteasy
- Posts: 3248
- Joined: Thu Feb 05, 2015 2:26 pm
- Location: United Kingdom
Get them to confirm how they arrived at those figures plus put pressure on them to confirm why there has been such a significant delay.
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.
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Chingy1976
- Posts: 10
- Joined: Fri Aug 28, 2015 7:59 am
- Location:
Thank you relieved33, when I was on the phone to the lady and mentioned LTV (or LTA as I said it doh!) she said she will have to look into it
Then said she will be sending everything in the post along with yet another income and expenditure form
just want this to end now and put the past behind me
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Chingy1976
- Posts: 10
- Joined: Fri Aug 28, 2015 7:59 am
- Location:
Will do lifenoteasy,
I was thinking I will just get the certifiable through after no calls or mailings from Feb until I rang this week,
Oh sorry I did get one mailing just to say they are changing to aperture
Time to turn the pressure on them up a few notches
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lifenoteasy
- Posts: 3248
- Joined: Thu Feb 05, 2015 2:26 pm
- Location: United Kingdom
GT are not the best at the best of times and a change of name won't help them.
I would suggest make your focus getting rid of them.
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.
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longslog101
- Posts: 526
- Joined: Thu Feb 05, 2015 9:19 am
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Relieved33 - someone must have put the figures in the spreadsheet wrong ??
Thats very generous of you - ha ha
Once again this appears to be the similar sort of thing that GT (or whatever their new name is, tried with vic in a former post).
Again, if once they have completed the figures and they still dont stack up here is the complaints procedure that Vic followed and got success with when GT tried to use some unique interpretation....
read both pages of this and the follow up thread.
http://www.iva.co.uk/forum/topic.asp?TOPIC_ID=70032
what is GT's new branded name ?
My Blog details, the route I took before IVA, how I choose my firm, equity release advice (year 4-5), challenging the CRA's keeping IVA on credit file once gone from insolvency register
IVA ended August 2015. Would recommend McCambridge Duffy
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lifenoteasy
- Posts: 3248
- Joined: Thu Feb 05, 2015 2:26 pm
- Location: United Kingdom
Apeture
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.
