what do you make of this. Creditfix

[stevie43]

Just had a conversation with credit fix. In month 54 PJG said need to try to remortgage. Spoke o credit fix. They said don't worry about that. We automatically pass you on to a broker who can see if you can get a secured loans on the house. Said wasn't willing to go down that route. Opting for the 12 month extension. Told was not down to me. Said that a remortgage was not the same as a secured loan which was dismissed. Not what I signed up for. Anyone any thoughts? Apparently I can appeal if this company are able to get a secured Loan

[stevie43]

Just over 10k but the house is in need of tlc. Credit fix are going to do a drive by valuation regardless of whether I submit my own.

[stevie43]

What concerns me is all the things that PJ Confirmed appear to be irrelevant. They have brokers who are sympathetic to people in an IVA.

[harrysmummy78]

This is very worrying for you I am sure, I would insist on having your own valuation done I know in my IVA it states I am to get a valuation on my property at month 54 I would insist on this.
The thing that worries me is it states in our agreement
• A third party sum equivalent to 85% of your interest in the property, or
• 12 additional monthly contributions (with the aggregate sum paid to the Supervisor being limited to 85% of your interest in the property

are they going to argue that a 3rd party could mean a secured loan?? I know that Melanie Giles posted on this forum saying third party funding comes either by way of gift or loan from friends, family, employers or anyone else - and if loaned probably on an interest free basis. will CF take the same stance on this?

[stevie43]

That's my thoughts exactly. Hopefully one of the experts will along soon

[recovering]

I will argue this tooth & nail I have a screen shot of Mel's quotes about this on here and as my terms & conditions HAVE NOT changed then I think they can do one. This is exactly what I have been stressing over

[abbiesmum2003]

Well Mel always deemed a secured loan wasnt an option and it was either remortgage or 12 months extrnsion. We never discussed a secure loan. Im gonna try and not get overly stressed about this as a while until we have to deal with this. I hope an expert comes along and gives some advice. So much for the letter "nothing will change" " your IVA will continue as it was origibally intended" "same view as PJG".

[recovering]

A quote ..." CATEGORICALLY A RE-MORTGAGE AND A SECURED LOAN ARE NOT THE SAME THING. I HAVE COUNSEL'S OPINION ON THIS AND FOR AN IP TO ARGUE THAT THEY ARE IS ON DANGEROUS TERRITORY..... and later ...."TO ALL OF MY CLIENTS WHO HAVE EQUITY RELEASE CLAUSES.. I DO NOT CONSIDER THAT THE BORROWING OF FUNDS VIA A SECURED LOAN CONSTITUTES THIRD PARTY FUNDING. IN MY OPINION THIRD PARTY FUNDING COMES EITHER BY WAY OF A GIFT OR LOAN FROM FRIEND, FAMILY EMPLOYERS OR ANYONE ELSE- AND IF LOANED PROBABLY ON AN INTEREST FREE BASIS...anyone who needs this evidence let me know

[hubert]

Assuming Greg comes on and takes this offline, would you be kind enough to keep us up to date on what's going on Stevie?

There's a lot of us going to be concerned over this issue of secured loans.

[recovering]

I have had enough of being bullied at work this last year! we need to stick together on this!

[harrysmummy78]

If anyone interested this was the post Melanie posted on re 3rd Party funding
http://www.iva.co.uk/forum/topic.asp?TOPIC_ID=50359

[ridingthestorm]

I had the same conversation with Sue Clay as Abbiesmum2003 had with Mel. Secured loan wasn't even an option or ever discussed !! Either remortgage, which isn't possible or an extension of 12months... Job Done.... And they expect me to sign there new T&C's hahahaha

[stevie43]

I am guessing I will have to wait. The affordability will cripple me. I won't be able to survive and will loose everything.

[Cariadqueen]

Goodness me this is so worrying, We like everyone else was assured that the 3rd party was not a secured loan.

We have a few more years to go until we get to that point, however, we already have a secured loan on our property so have no idea how this would affect us, not that we would be taking one out anyway....I will be ready to fight this tooth and nail!

So much for the 'nothing within your iva will change'

I hope that Greg will pick this up and come on to give us all a little reassurance on this issue.

[recovering]

We have the quotes from Mel on this and the letters telling us nothing will change.....SIMPLES