Remortgages and secured loans. I need some clarification as clearly I am confused.

[Sara.24]

Hi there,

I need some clarification as clearly I am confused. My iva company has referred my case to the select partnership to seek to release equity. I have been told by The elect partnership that they have been asked to seek a Remortgage or a secured Equity release loan. I my book these are 2 seperate financial agreements and in my IVA T&C it clearly state if you are unable to get a remortgage then you will automatically be expected to pay and extra 12 months.
So my question is, is a remortgage and a secured equity release loan classed as a seperate product? as i have told today that they are the same thing. I do not want to be forced into a secured loan that is not in my T&C. Any advise you can give me will be gratefully appreciated. Sara

[Foggy]

They are not the same thing and you cannot be forced to take on secured lending if this is not in your agreement.

[Sara.24]

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Foggy

They are not the same thing and you cannot be forced to take on secured lending if this is not in your agreement.

I have since found this out. I am actually in month 65 of a 60 month IVA. No extension has been confirmed but i am still paying. I have sent through 2 mortgage rejections and a valuation. I can only assume that they are chasing me as i have alot of equity in my property and i am unable to gain a mortgage.

In my T&c it does not state anywhere about a secured loan it state a third party payment via friends or family or an extension of 12 months. Since they are taking the payments this is what i thought was happening. Confused is not the word right now!!

[Michael Peoples]

I am not sure why you have been referred to Select if you have already extended. Ask your IP why this is.

[KAYKAY]

This is rather strange, as when we extended in lieu of equity, a variation meeting had to be called for the creditors to agree to the extension. So it doesn't sound like you have officially extended for the 12 months. If you pay by standing order, did you not contact your IVA company to clarify your final payment at payment 60. I would contact your IVA company, explain that a secured loan is NOT the same as re-mortgage and are you now paying an extended 12 months. You need to be clear as to what stage of the process you actually are.