Hello
thanks for the responses.
We have had some limited (creditfix are so hard to get hold of) conversations since i posted this.
To put some context in this and hopefully to gain some salient advice, the situation is :
1) We had an IVA with PJG and was transferred to Creditfix
2) our last payment after 5 years was due in November 2014, but we owe one additional payment that we know of for being in arrears (Mel Giles team had been responsive and supportive in the years with them)
3) we had assurance from PJG during the years that a year 6 was unlikely due to negative equity on our house and our chance of getting a remortgage was non-existent
4) we have the normal equity release clause in our IVA and in May this year (Month 54) PJG arranged a valuation of our house as i could not get an estate agent to give an evaluation.
5) we heard nothing nothing from PJG and received no copy of the valuation. Assuming that all was in order we carried on
6) in October i chased PJG and asked for a copy of the valuation. I heard nothing, but then received the letter transferring to creditfix.
7) contacted creditfix to ask what the procedure was for final yearly review - no answer.
made what we believed was the last payment in November, knowing that we owe "some" money but not sure how much. Asked creditfix what this was - no reply
9) contacted Creditfix again last week. they replied and said we now have the 6th year clause kicked in. Terrible argument with them and lots of tears.
10) creditfix say that the "drive by valuation" of our house gave a valuation of £117k. Mortgage redemption is £98k. We have 5k equity clause in the IVA that if there is more than 5k equity we remortgage or go into 6th year. No chance of remortgage so 6th year kicked in. We asked for a copy of the valuation and they refused (can they do this ?) and asked why we didn't get a copy - like many other things they blamed PJG on this.
11) however the valuation is rubbish. Houses are selling in same street for £105-£110k (recently as Sept) and we need new roof and double glazing in our house to even consider selling.
12) made a call to an estate agent who confirmed that current valuation with the work that needs doing would be between £100k-£103k
13) phoned creditfix (and emailed) with this information and they responded that the valuation stands and we go into the 6th year
Surely this cant be right ? If PJG had sent me a copy of the Valuation i would have appealed straight away as the valuation is incredulous. It's a drive by valuation and if you look at the land registry is shows that the last 6 houses sold over the last two years have not achieved more than £110k.
Also, how can creditfix insist on a 6th year without any communication to us and as far as we know the last payment was made and we have ended this IVA in good faith.
can anyone offer any sage advice on what i can do ? Any IVA professionals willing to put their neck on the line and give some advice against fellow IP Company ?
PJG have obviously gone, but still feel so let down that with such a short time left in our IVA we have ended up in such a position. And it's Christmas .... but not in this house ......
Sorry for long post
