Me and my husband are near completion of our IVA. Our IVA emailed me confirming that we finish this November 2015.
However we have received correspondence from DFD now telling us they want to attempt to release equity from our property for the benefit of creditors.
Quote as follows
"Our initial review indicates that you should be able to release equity and as such we have referred your case to a specialist broker. The Select Partnership, who will contact you to progress this matter on my behalf"
I have spoken to Select Partnership who informs me that DFD have informed them we still owe £18,880 and at that it's supposed to be a reduced rate?
Select are wanting me to now take out a loan secured on our property, with interest this will come to £22,442.00 and all over 7 yr term they have suggested, this is with Surebrook Bank.
Our IVA company have already had approximately £23,000 in PPI refunds from us.
I'm very confused here and extremely anxious because we have never missed a payment, in fact we increased our payment once my husbands car loan finished. Due to our age we cannot extend or remortgage our property. Although I was aware they may want some equity we was told that if it couldn't be done due to age etc then the IVA would extend a further 12 months. Yet as I've said the PPI they have received unexpectedly from us surely covers the deficit that DFD says we owe?
To take on Select Partnership now extends this debt for a further 7 years, any ideas please on the best way forward for us?
life never seems to be the way we want it to be, but we live it the best we can . there is no perfect life but we can fill it with perfects moments.....
Select will have carried out a review as to how much equity you can or cannot raise depending on age, income etc. This is an alternative to a remortgage and the newer protocol terms and conditions state a secured loan as an option where a remortgage is not.
Creditors may accept an extension rather than a loan but this depends on a number of factors such as minimum dividends or who the creditors are. Your IP should be able to tell you whether the secured loan is an option or something you must do in line with the IVA agreed terms.
As you are nearing the end of your arrangement you are not bound by the new Protocol terms ( unless you have agreed to any variation) and they cannot force you to take on a secured loan, so the option of an extension should prevail.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
My point is that this wasn't explained to us in the beginning, that we was expected to take a further loan for 7 years.
I have an email off DFD where they state our IVA ends in November 2015.
DFD have also had approximately £23,000 PPI repayments.
Evette I have emailed you, thank you for your time.
life never seems to be the way we want it to be, but we live it the best we can . there is no perfect life but we can fill it with perfects moments.....
I have just contacted select partnership as you suggested, unfortunately Charlotte was unavailable for me to speak to or didn't want to speak to me. However I was told there was a pack to be sent out to me!!
I explained the 7 yr term was not feasible due to husband retirement and that no specific figure/ set amount had been agreed by your selfs.
The person (whose name I've forgotten sorry) then spoke to her manager ( Charlotte) who said they would refer the case back to DFD.
Again thank you for your quick response x
life never seems to be the way we want it to be, but we live it the best we can . there is no perfect life but we can fill it with perfects moments.....
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by lilaclady2k
My point is that this wasn't explained to us in the beginning, that we was expected to take a further loan for 7 years.
I have an email off DFD where they state our IVA ends in November 2015.
DFD have also had approximately £23,000 PPI repayments.
Evette I have emailed you, thank you for your time.
It wouldn't have been explained to you at the beginning as I believe your terms when you signed up did not include the need for a secured loan, in which case they cannot force one on you.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
The remortgage option and extension would have been discussed as the secured loan is a more recent product. It is an option that some people choose as they do not want to extend and the payments are capped at 50% of the IVA amount. In addition once the full and final is accepted there are no more demands on overtime, bonuses, commission etc so often clients like this idea too.
Glad it is sorted so you should be debt free in November 2016.
Hopefully Michael thank you to you and foggy for your help too xx
life never seems to be the way we want it to be, but we live it the best we can . there is no perfect life but we can fill it with perfects moments.....
Hi Laura
I've dropped you another email, I have Select Partnership still ringing me after I was told they would refer us back to you at DFD.
life never seems to be the way we want it to be, but we live it the best we can . there is no perfect life but we can fill it with perfects moments.....
We are being encouraged to take out a further loan for 7 years, yet when we went into our iva this was not a option. The option was to extend the payments a further 12 months if we couldn't remortgage due to age etc.
I'm now being told that if we don't take the loan then we will be sent a breach of notice?
We have never missed any payments yet our iva wants rid of us????
What do I do and who can I speak to please?
life never seems to be the way we want it to be, but we live it the best we can . there is no perfect life but we can fill it with perfects moments.....
Send Evette another email - see what she has to say.
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
She's the one whose contacted me today telling me that it's affordable and if I don't agree to the secured loan then we are in breach of notice #128533;
life never seems to be the way we want it to be, but we live it the best we can . there is no perfect life but we can fill it with perfects moments.....
