Hi all, Back again! Both my wife and I are in iva's although not joint, A condition of my wifes iva is to attempt to release equity from our house, not got a problem with that. Does equity release mean re-mortgaging, or does it mean being offered a personal loan, these people have offered a loan to be paid back over 12 years,! all sounds a bit odd to me.the loan would be for £6000, and the total repaid would be over£16000!! any advice please.
You can lead a horse to water, But a pencil must be led!
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Andy Davie
Hi
It will be interesting to see he outcome if anyone challenges the secured loan option
No mention would have been made of this option when the IVA was agreed
Regards
Melanie has stated categorically that she has it from IVA council that a remortgage is regarded as just that and IS NOT THE SAME as a secured loan...she has posted such several times.
When are certain IP`s and IVA companies (it seems to be the same culprits every time you see a post about it) going to stop trying to con people into taking out extortionate lengthy secured loans when there has been no mention of it, or agreement to it, just so they can cream off more fees regardless of burdening their `client/victim` with HIGHLY EXPENSIVE, VERY LENGTHY SECURED DEBT.
It is scandalous that these companies are allowed to continue to prey on people...when are the regulators going to sort them out???
We know through the forum that the 2014 IVA protocol actually includes secured loans as a means of releasing equity for IVA`s agreed from then, and that`s fine and dandy as anyone drafting a proposal now will clearly see the clause and will have to agree to it if they proceed with the IVA (if their chosen IVA provider has actually opted to put forward 2014 protocol compliant IVA`s that is), but for those taken out before the new protocol if the proposal states remortgage that`s what it is...as repeatedly brought up on the forum over the last 24+ months.
"When the seagulls follow the trawler, it is because they think sardines will be thrown into the sea".
If the remortgage and secured loan WERE interchangeable there would have been no need for the addition of the secured loan facility in the 2014 Protocol. Adding it in now is tantamount to admitting that a secured loan cannot be used in earlier proposals, or, at the very least, recognising that there is sufficient doubt.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Thanks for all those replys guys, my wife has been in contact with her supervisor who has said that the people she has been talking to had no right to try and persue the personal loan route!!! So, now to my next point, can someone help with my calculations, we have a £110000 mortgage, house is probably worth £128000, bearing in mind that any equity is shared, as it is not a condition of my iva to release equity, would we be able to release equity or would my wife have to extend for a further 12 months?, also what is system for working out what equity is available? Thanks again
You can lead a horse to water, But a pencil must be led!
The secure loan and remortgage issue around 'equity release' provisions needs to have a proper judicial review as in the bankcharge case.Barristers say different things.
Till there is a JR, expect IPs and creditors to dabble in what suits them If it is not protocol specific.
As a JR legitimized the dreaded PPI pursuant under iva....we need another JR to clear that other uncertainty.But I doubt there will be any interest by creditors on this enquiry.
