Hi
I apologize in advance but I am so upset. I really need to know who the regulating body is for DFD. I thought when we signed all the papers for the proposal and modifications etc that was it and in 5 or 6 years we would be clear but apparently the IVA company have the right to amend the proposal at their will and don't require our agreement. we just have to go with it or fail the IVA. I am too ill now to continue with their new proposal (which is subject to change anytime they see fit) and will be unable to carry out what they are saying we have to do due to my health. we have done everything we have been asked, paid on time, paid overtime in on time and bonuses and all PPI that they have been able to claim. We have kept them informed all the time of pay increases and increased our monthly payment when told to do so. I have to have 5 prescriptions a month to just try keep going now and also need glasses but I have been told we are only allowed to claim for £15 prescriptions and no glasses as stated in the original expenditure. There is too much to put it all on here so I won't continue.
I would welcome any help in the direction of who to complain to and hopefully resolve the issues we have. All I want to do is pay as much as possible to our creditors to pay them back but I can't risk my future after the IVA finishes.
Your IP cannot amend the terms of your IVA at their will, unless the proposal itself gives them such power or you and the creditors agree to accept the revised terms.
Exactly what are they seeking to change, and how has this been explained to you?
In terms of a complaint, it is not the firm who is regulated but the insolvency practitioners as individuals. Do you know the name of your IP, and I cam assist with confirming the identity of their regulatory body - however if you feel you have grounds for a formal complaint, do use their internal complaints procedure in the first instance.
Hi Melanie
We have been told that they are now going to look to put a secured loan on our house. Our proposal stated a remortgage but never a secured loan. We agreed to the remortgage as insurance policies cover accident, sickness redundancy and also life cover. A secured loan would not have this cover. Also we went into the IVA only because at the end of 5 or 6 years we would be done and debt free but we have been told the IVA can go on for some years to come! My GP does not feel I will be able to continue to work but because of the IVA I keep struggling on. I am so scared of failing (but we regularly get told that if we don't comply we will fail) I have been told that if I am too ill to work we will fail the IVA and will be made bankrupt. Either way I feel we are loosing everything now
Dear frost,
Please contact me via the email address in my profile so I can take a look into your case and address your concerns.
Speak soon.
Thanks,
Judith
It must be a nightmare having expected a twelve month extension to find out, as you near the finishing line, that you are asked to take out a secured loan.
I feel very uncomfortable with it all and I am sure it will have a negative impact on the insolvency profession
From the sound of things I doubt very much if Frost would qualify for a secured loan anyway. She should take up Judith's offer and I am sure Judith will be able to put her mind at rest. The lending criteria for secured loans are just as stringent as for a remortgage so Frost should definitely speak to DFD.
Hi all
I have sent an email to Judith. I have also contact the IVA company complaints team who are looking into what has happened. Thank you for you advice and comments so far. I will keep you informed as and when we have any more information
being "asked" to take out a secured loan just isnt what happens at all. These loans are being forced on so many,I agree with Andy that this new line is going to badly impact on the industry.
I wonder how many people were told not to worry about equity as it would be likely that a simple 12 month extension would happen instead?
Missold IVA compensation anytime soon?
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
I also think that the secured loan thing is a bit hypocritcial as we're in an IVA to release ourselves from debt for the abundance of reasons we got into it in the first place and to release yourself from this IVA you must take out a secured loan?? bizarre. I personally wouldn't be happy or comfortable with doing so.
However, if this is all told up front and you sign knowing this is what is to happen then so be it, but it is not what a lot signed up for.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Hi we have been informed that a review has been opened but we have to look at the remortgage now. Please can someone explain the ltv. Our house is worth £230K our outstanding mortgage is £160K.
I can not understand this I thought with most IVA the equity release does not come into play until month 54. It does seem that this whole issue of equity is glossed over when an IVA is started when many people are very desperate, with some companies. If you have equity in your home it then become very difficult.
IVAs are great for people who do not own their own homes or in negative equity but not so good if your do have equity in your home.
What I fail to understand is this equity is all "on paper" you can not access this unless you sell your home or re-mortgage.
Hi you are right that the equity release does not come into play until nearing the end of the five years but during our recent review we were informed that our original proposal had been changed without them informing us and that a company would contact us to put a secured loan on the property instead of the remortgage. Secured loans are costly compared to mortgages and we already have a secured loan which costs a fortune to pay so certainly would not be able to afford another one. We have now been told we have to look at the remortgage earlier in order to move forward with the IVA. My health is not good and it is having an impact on me being able to work.
MikeyM what is the 2014 protocol! We never get any information from DFD, not even at our annual review. All we get is a phone call telling us what our payment per month is!
We are with DFD and our IVA started in August 2008.
The IVA protocol is basically a set of guidelines as to what rules etc are included. Because of when we started ours it is not protocol.
A couple of months ago DFD sent an info pack out to us offering us the chance to sign up to the "new 2014 protocol", or reject the change and stay with our old T&C's.
The 2014 protocol is where the option of "secured loans" has now been added in so many people whose IVA's were before this protocol would probably only have 'remortgage' written in and could not be forced to take a secured loan - unless they signed up and agreed to new 2014 protocol T&C's.
Our IVA only included the issue of "remortgage" ... (not secured loans) so we chose to stay on our old T&C's and we declined the offer of signing up to the new 2014 protocol. This was a moot point for us anyway as we are in negative equity.
I cannot see how DFD can change anything to your original proposal without getting your agreement (although I know first hand that the devil is often in the details of your particular IVA T&C's and modifications). Are they saying you 'agreed' to the 2014 protocol when you haven't?
I would definitely check this out with Judith as she has always been great in helping us when we've had bumps in the road.
Last edited by Til on Fri Apr 11, 2014 8:41 pm, edited 1 time in total.
"Hope is the feeling you have that the feeling you have isn't permanent." - Jean Kerr
IVA approved Aug 2008 - 6 year term - last payment made 6 Oct 2014. CC received 14 Nov 2014.
