About to make payment 72 of 6 year iva, sent in valuation and mortgage redemption statement 5 months ago as stated in proposal, have been chasing regularly ever since with no response. Finally emailed a few days ago and said I wanted telephone appointment with IP if no-one could tell me what was happening and surprise surprise got an email back saying my case was being passed to the closures team at the beginning of April, they were just waiting for the MVM meeting to take place.
Can't see the relevance of that on my case as I have not accepted the proposed changes but there you go. Why do they leave it so long to get back to you and ask you to try for remortgage? I'd just like to know I won't have to fight against a secured loan and don't quite understand why it's left until after my last payment to get sorted! If I was with my original ip this would have been sorted 4 months ago [:(]
Completely fed up.........
Have they actually confirmed, in writing, that the equity has been addressed and there is nothing to pay nor an extension required in that regard ? Just in case, I would try to get that done.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
No they haven't which is what we've been chasing for.
There is equity which obviously we won't get a remortgage for but up until now they've said nothing other than we'll chase it for you. Now that I asked to speak to ip if they couldn't give me info they've suddenly said it will be passed to the closures team early next month which, to be honest, tells me absolutely nothing.
I will be watching very carefully to make sure they don't try anything with my t's & c's as they said they were waiting for the MVM to go through - but I don't understand what that has to do with me.
After 6 years I just want to know what my future looks like.....
Has the MVM been called yet or has there just been individual variations? I am still very curious to see if the fee increases are granted and therefore all firms can request the same.
It seems bizarre that firms that cannot make money at 15% of realisations can then be swallowed up by other firms who get approval for 23% and thus can make a profit. Had the original firm been allowed the same fee structure they would not have had to sell inj the first place.
"Has the MVM been called yet or has there just been individual variations?"
That's what we don't know as the MVM has never been explained to us going through this process.
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 does seem odd and seems to be taking a while. I cannot remember how long it took GT to call theirs when they bought books so maybe someone like Foggy who was transferred might remember.
I spoke to a member of the resolutions team at CF and was told that the IP fee increase and 50% PPI retaient to debtor, we're both areas of the mvm and that the creditors declined on, but all other terms agreed.
I'm not sure what happens next after that as I was not told what their next steps are surrounding this.
Started IVA 27th Feb 2012 - Due to complete 27th Jan 2018 !!
Full & Final submitted and accepted 30th March 2015, paid 10th April 2015 - 3 yrs 1 month into IVA
Completion Certificate received- 30th April 2015!!
MrsR am I reading that correctly? The fee increase was rejected? Did CF not say in the letter this had been agreed in principle already?
what other terms were asked for?
surely the only one CF REALLY WANTED WAS THE HIKE IN FEES?
As I recall GT took a good few months to get their MVMs going -- then it all went quiet. As I didn't agree to mine I was never informed of any outcomes.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
This is the first I have heard that the fee increase was rejected. I know it was approved in variations for full and final settlements so I am curious as to when these variations were proposed.
When we first heard about the terms changing, I spoke to CF who told me that the fee increase and ppi changes were the main terms they wanted changing, and the rest were to keep our terms the same as CF as we were a transfer, as this was less hassle. I was told too that the fees had been agreed in principle and that this terms and conditions change was formalising this.
I spoke directly to my main contact to discuss the outcome of the mvm and to see if this affected our F&F meeting on Monday in anyway, and she to me that it wouldn't affect it, and that the only terms that they had rejected at present were the fee hike and PPI retainment. I asked what this meant going forward and she could not give me an answer, so I'm guessing that she probably was not informed as she's usually quite open in answering my questions.
Started IVA 27th Feb 2012 - Due to complete 27th Jan 2018 !!
Full & Final submitted and accepted 30th March 2015, paid 10th April 2015 - 3 yrs 1 month into IVA
Completion Certificate received- 30th April 2015!!
