I just thought I'd share with you my experience of equity release with credit fix. I posted on here a few weeks ago that I'd obtained my property valuation of £240k with £201k outstanding mortgage. I submitted 2 valuations along with my mortgage redemption to CF just under 2 weeks ago, and I have today received an email to confirm there is no equity to release and my IVA will conclude at month 60!!
I have to say I'm completely over the moon!! The equity release has been a source of great stress and anxiety for me over the past year- just the thought of it really. I know theres been lots of issues recently with the interpretation of the proposal, and whether its 85%LTV, or 85% of the total equity etc, and this has been worrying me in the lead up to it. I was quite prepared to have a fight on my hands.
I need not have worried though, and Cf have been very helpful throughout. It was incredibly straight forward. I just thought I'd give a bit of hope to anyone about to go through the same, and I also hope that those having issues get them sorted soon.
One question, the email said that once the last payment was received, they would chase any outstanding creditor claims included in my IVA before issuing the final report and CC. What does this mean?
It's been a long 5 years, but I'm counting down those last single figures now and the champagne is well and truly on ice!!
Sometimes creditors don't claim their share of the dividend and these have to be chased and given a deadline. If they don't claim their share is split between the remaining creditors.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Thanks Foggy. Thats a bit odd that they don't claim? I thought the iva company distributed money to each creditor? Not really worried if they don't though! Just didn't want any nasty surprises!
Thanks marathonman. Feeling so much more positive. It only feels like yesterday that we made that first call about starting an Iva. For anyone just starting out, hang in there, it will go so quickly!
Great news. When i got a call from CF recently confirm no equity it was overwhelming, i know how you feel. Such a relief, fingers crossed nothing nasty to be pulled from the bag in the next few months.
Hi Lou - well done on good news - re creditor claims query not all creditors bother to put claims in and need a bit of chasing. Eventually a formal notice has to be sent to creditors who haven't claimed giving them a final chance to make a claim or be excluded from the dividend.
Thanks for that Lisa, and thanks everyone for your kind wishes. The support of this forum has been invaluable to me, especially over the last few months with the transfer from PJG. Good luck to you too Almost done now. Your username is very appropriate!
Lou74 , would you mind telling me who your contact at creditfix is that sorted out your equity release. We have reached that stage in our IVA and I'm not sure to email the documents to. Thanks.
I must admit, after the early shenanigans, CF have been OK and it seems to be calm at the moment for us. Well done for being nearly there; it must be an amazing feeling! Still 4 years for us but at least it's not 5.
Thanks Grimswold! I really can't believe how quickly those years have gone by. Hope it goes quick for you too.
Fruitloop, I contacted Greg Balfour, (who has been on this forum in the past) and asked him to forward my email to the correct person. I then had contact from a lady called Gloria Burns from the closures department who confirmed there was no equity to release. Hope it goes smoothly for you too
Thank you lou74, I just asked you the same question on your other thread just incase you didn't see this one. Just want to get it over with now, we had a valuation done yesterday, waiting on redemption statement now for mortgage then I will email it off. We both have IVA's so was hoping that £5000 disregard would apply to both of us and as I can see from your experience it does, glad creditfix seem to be dealing with the equity clause so quickly. Thanks again.#128516;
fruitloop, my IP tried to say the £5k was between us not each when I queried it as we had just over £5k equity in our house. We had the house valued at lower than their estimate and they used an average which brought us to £3k equity. I didn't push the question of whether it was £5k each or between us as we managed to get the outcome we wanted. I was prepared for that fight though!
getting there ....
Got there!!
IVA started 27/10/2010
final payment 27/10/2015
CC received 6/5/16
Off the register 5/8/16
