Hi we are in the last six months of our IVA and have been told that it has been extended for 12 months in respect of the equity clause. Using the calculation as per Annex 7 of the Protocol this shows negative equity. We have challenged our IVA company who say they have spoken to the creditors who confirm their interpretation of the clause is correct and the IVA is to be extended. We feel we are being fobbed off. Is there anything else we can do? Thanks.
Have you had your house valued by an estate agent?
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Secondly - its not for creditors to confirm their interpretation of the clause - ask them for a copy of the advice confirming the same from their lawyers and see what response you get.
It may be cost effective for you to get your own lawyer to challenge their findings. You will need a specialist insolvency lawyer. I can recommend some if you don't have one.
Also ask for proof that they have actually spoken to creditors.
The role of the ip is to interpret the clause based on contract law according to an historical post and going to creditors is effectively a variation that you have not been notified about.
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.
Hi, thanks for the advice, we will contact them further with your suggestions. We did get a valuation from a local agent and a redemption statement which using the Annex7 calculation gave a negative equity. We have kept to our part of the IVA and it doesn't seem fair for the IP to manipulate the calculation of equity in their favour.
Hi Footiemad, I have emailed them again saying we don't agree their calculation in view of Annex7 and have requested the info as per the posts here and also details of their authorising body and complaints procedure. Not heard anything yet.
Fingers crossed that they come back soon with some positive news. If they will not back down you'll have no choice but to go through the complaints procedure. I really hope that this is resolved for you because I had exactly the same problem and it came as a nasty shock. Fortunately though my IP listened and took my view.
Hi Tracey I'm in same situation as yourself regarding equity. I have also had to write to my IP as the IVA company have worked this out to show that there is equity yet according to Annex 7 my calculations differ. It will be interesting to see what the outcome is. Footiemad, it was also your posts with Mont that encouraged me to question this or I would not have known how to go about it, so thanks. It goes to show how helpfull this forum is.