hello all this is my 1st question in a while. well we have received the dreaded letter from DFD today which says we should be able to release some equity in our property and have been referred to the select partnership.having done a little research,this firm looks like a high interest mortgage type firm. so i am wondering if that is the case are we being sold down the river by DFD our iva provider. also having looked into it a bit more there is a thing called a de minimis clause,and there is the thing about a joint or single iva as we are both entitled to £5000 each,and if the remortgage is £5000 or less there would be no need to remortgage. now the reason we are in this programme in the fist place is my in-ability with knowledge and money. i am just totally confused with the matter can anyone please put into layman terms what is happening as i dont trust DEBT FREE DIRECT any longer and really need some help
thankyou dave
If you and your partner are in interlocking IVA's i.e. both taken out on the same date then the mortgage settlement figures applies to you both, split 50 50 and then the de minimis applies.
You are being referred to Select because DFD knows it is unlikely that you can get a mortgage but a secured loan may be possible.
Check your agreement to see whether this references secured loans or can be taken to imply this is the case.
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 depends on the specific wording of your IVA but suspect that you EACH need to have at least £5k equitable interest for it to apply so they would need to see the property had over £10k.
If you can prove the property has less than the minimum then your IVA should be able to finish failing which on the assumption you wont be eligable to remortgage you might have a 12 month extension.
Check your terms - you may not have to approach Select - DFD may just be suggesting that. Find out what evidence you need to confirm you are not able to remortgage, from DFD.
