Would any one on this forum be able to advise us on our current situation.We currently have 2 months left to run and were supposed to remortage to 80% with no joy. We have tried all year and some of last year to get a mortgage even for 65%-70% with no joy. Every time we thought we had one, another creditors meeting had to be called then the product got pulled from the market as it was another month down the line. We tried offering a variation for a one year extension which also was declined by one creditor who had a majority vote. We are getting no help from our IP and are currently in the process of trying to get a secured loan against the house to avoid bankruptcy. There is no clause in our iva to say that it would finish if we could not remortgage even though we have the equity.Also upon speaking to our IP every time we get comments like find a 70% ltv mortgage or go bankrupt or come up with a solution ourselves. She is not offering any support. We are at our wits end and don't know which way to turn. Are there any contact we can turn to or would a solicitor be able to help or maybe the courts where the iva was sanctioned. thanks in advance Several people on this forum have advised us and tried to help us, even to the extent of offering to speak to this one creditor, but our IP refused this.
Last edited by roz on Thu Nov 12, 2009 8:19 pm, edited 1 time in total.
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
yeah thanks we thought it might be better to post a new question instead of jumping off another. We speak to our IP all the time, have never spoke to office staff.
Personally, I don't think they can do this to you, but of course I'm no expert.
I hope it gets picked up later on, or tomorrow at the latest.
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
Our proposal stated that if we did not reach 33p in the pound it would be deemed to have failed, which in equity terms is about £21000 which is available in the house, we just cannot get a mortgage. All I can say is if it ends up in court so be it I am ready for a set to as it is not our fault the way the climate is at the minute and I am not prepared to go bankrupt through no fault of our own when we are trying every avenue possible first
Speak to your IP again, and if that fails, you can always go through the IP's complaint service and if that fails, then there are other avenue's you can go through.
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
thanks didn't realise there was an IP complaints service. It is very tempting though. Was considering offering a proposal for another 2 years of payments and then trying to get a mortgage but that would mean an iva for 7 years and there is still a chance of it being rejected. thanks for your support anyway
I do hope you can get something sorted. I really feel for you.
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
They are called McIntyre Hudson formally BN Jackson Norton but the IP Moved to the other company and took our case. Our IP is called MCJ Sanders and we deal with Zena Wilcocks. It is a company on behalf of First Direct who are stopping us. All other creditors are in agreement.
Last edited by roz on Thu Nov 12, 2009 9:37 pm, edited 1 time in total.
Do First Direct hold the majority of your debt Roz?
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
I don't know your IP, but I would suggest you e-mail him directly and ask for a meeting. The answer to your queries will lie within the IVA proposal, and if you are not happy with the advice provided by the IP you could consider getting a legal opinion or even asking the IP's regulatory body to step in and mediate. Unfortunately, variations to IVA terms do have to be acceptable to creditors, but often this is made easier if the IP puts their recommendation behind your suggestions. It is not clear to me from your post what advice you have actually received from your IP directly.
Basically our IP stated we find a 70% ltv or we are bankrupt unless we come up with a solution. We had a joint iva but my husband has had a variation accepted to split away from me and extend for one year with an extra years payments and then to finish.
First Direct turned this down for me saying that they did not see the previous variation where we asked to change to a 70% ltv instead of the 80% ltv that we originally should have gone for and that if they had seen the previous variation they would have rejected it anyway. Unfortunately the 70% product was removed from the market whilst we were waiting for the creditor's meeting.
The 80% ltv was due to raise approx £21000 off each of us but as my husband has split, we were wondering to put forward yet another offer to extend my iva for either 18 months or 24 months carrying on paying my monthly payments but also doing a remortgage when available to raise for the remaining balance of the £21000. Would you think this as an acceptable offer to make bearing in mind that 80% ltv right this minute would only raise £17000. Melanie are we within our rights to askour IP to approach First Direct in the first instance prior to calling a creditor's meeting to see if this is acceptable as our IP says every time she calls a meeting our money to the creditors goes down as her costs go up!
Last edited by roz on Thu Nov 12, 2009 10:06 pm, edited 1 time in total.
