I have an IVA originally taken out with Blair Endersby in July 2010. About 12 months in it was transferred to Grant Thornton. We were then advised by Grant Thornton to accept their terms and conditions which I assumed were the same as the original IVA with Blair Endersby.
Fast Forward to the final year of the IVA and the equity release part, I assumed that if the mortgage was above 85% LTV which it was then we would;t have to release equity as per the original IVA with Blair.
However, under Grant Thornton's terms and conditions it was pointed out to me that we have to try to release up to 85% of ANY equity which of course is a completely different matter.
We tried to do this and of course were turned down by lenders which means that the IVA will be extended by a further 12 months.
My question is: Do I have any recourse against GT given that they advised us to accept their terms and conditions and this different 85% interpretation? I understand that I should have picked up on it but I thought it meant the same as the original IVA.
As I was advised to accept these new conditions should this have specifically been brought to our attention and as we were advised to accept these conditions would any complaints fall under the remit of the FOS?
Any help would be appreciated here as it can't be good advice to transfer from a situation were we might not have to extend to year 6 to a situation where we almost certainly will have to extend to year 6.
If any of the experts were able to successfully challenge this, I would be happy to pay a fee for their services.
I am afraid the onus is upon you to check that you understand any variations to terms before you sign on the dotted line. GT are not alone in using smoke and mirrors, as well as dubious incentives, to get new terms agreed to.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Hi Brendan - I'm sorry but if you agreed the terms and conditions you will be bound by them. Can you challenge the valuation instead or is there material equity?
