Hi, My IVA started in aug 2006. I had a variation order to extend by a year as increased payments could not be made which was accepted and approved. Also I supplied proof that I could not gain a remortgage in year 4/5 as per requests. i never missed a payment and my last payment was is 2012. I have been chasing for a completion certificate but been told I could not get one. Now 4 years later they have sent me a letter saying a I need to extend for another 12 months in lieu of equity release - is this allowed?
Did the equity release exercise you carried out earlier show there was equity over £5,000?
If so, legally, you do need to make a further 12 payments, if that is a condition in your agreement.
However, this is incredibly shoddy behaviour by your IP and warrants a complaint followed by escalation, through the government gateway, to his or her regulators.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
thanks for your reply Foggy - At the time now 6 years ago - there was very little as the property is only 50% owned by me therefore any equity available was only 50% to me anyway.This has been over my head now 4 years longer than necessary and still now another year plus a year after to expunge from my records due to the extension - All in all not amused !
One brighter spark is that you will not have to wait a year post completion as the 6 year period will be well gone. In fact, all the defaults should have gone already and the IVA will drop off within three months of the completion certificate being issued.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I would demand an explanation as to why they have waited 4 years to deal with this and if it is not satisfactory I would make a formal complaint and if necessary follow it up with the Gateway here.
Hi Lisa - thanks for your reply, yes checked as per your link and still showing as current.MY IVA has been moved 4 times between companies. Unity - RSM Tenon - Grant Thornton - Aperture. When I tackled Aperture today who now have it from Grant Thornton - (same company in the same building!) they say it is a system error that had not thrown it up till now as they can't deal with every single case they have to rely on the computer !
Also now discovered that the practitioner - Gareth W Neill has had an order against him and been fined for just this sort of thing. - Link is below - any ideas what my best course of action is?
