I contacted Aperture this morning as my ex partner received a letter stating that as there is no equity in the house, he has to pay 12 more months. My letter has not come yet but I assume it will say the same and if that is the case legally,and if its not just Aperture trying to pull a fast one then I am fine with it.
My question is, Aperture are saying that we are in 'interlocking IVAs' and therefore, even though we have less than 10,000 equity in the house (it is approx. 9,500), they have said its 5,000 each allowable and therefore, as the (9,500 is more than 5,000 we are allowed) we have to pay more.
This was never explained to us and we were just told that if there is less than 10,000, then we wont be asked for more.
Can they do this? I am just in the process of getting another valuation and redemption statements to email to them to have another look at it.
I would have thought that they can only take your 50% share of the equity into account and then applied the de minimis clause especially if it is a joint mortgage.
On that basis neither one of you would have to extend and i think its worth arguing.
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.
That's what we were led to believe and yes it is a joint mortgage. Am just waiting on a redemption statement from mortgage co so I can email it with my new valuations, (which are now actually 4k below the ones I sent last time, therefore, bringing it to below the £5,000 each now that they are saying we are allowed) and its with Zoopla who I know Aperture prefer to use.
Can only see what they say....
The equity is usually calculated at 85% loan to value so £10k equity in a sale would not mean an extension. Some proposals said 85% of 'your interest' had to exceed £5k so perhaps yours is one of these. Either way an extension may not be required.
I have just checked our paperwork for each of us and it does say "if the equity in the home is under £5,000, it does not have to be released, and there would be no adjustment to the IVA term".
I have drafted my email to them, got 2 more valuations, one being their preferred user, got my secured loan redemption and just await my statement from mortgage provider then I can send it.
The total amount of equity in our property exactly is now £4908.93,(using Zoopla) therefore, being under the £5k allowed each, my question now is, do they have to accept my valuations or can they say that they are using the ones which they have already got (from where they got theirs I don't know as the 2 I sent with my I & E review were lower than the ones I am just about to send and there was definitely no equity in the house, not even £5k each.
I was asked in my telephone conversation with Aperture on Monday of this week to send these documents in. I got the valuations straight away so the documents have Mondays date on them but I just wondered, can they ignore them and say they are using the one which they have got and one which I know nothing about...
Once they have received yours they should consider their position and come back to you accordingly. If you think their decision is wrong you can then challenge it. Also ask to see a copy of their valuation - it's probably one off the internet.
I phoned them again this morning and was told the reason that we have another 12 months put on automatically is because in month 54, I never sent back any valuations or redemption statements........this it total rubbish as I sent 2 valuations along with our I & E forms by guaranteed next day delivery (and I checked they got them)and I know that they got all the documents as my ex partner pays rent (and as it was correctly written down on his form as an expense) they wrote to him and asked him for a letter from his landlord stating how much he paid, which we got and sent on. but I was never asked for redemption statements.
The lady today was a bit more helpful, she said to send my own valuations (but not to use Zoopla as they tend to be higher than others)and my redemption statements as quickly as possible. I will ask to see their valuation and figures if I need to and challenge it.
Thanks
