Putting payment of fees aside, the biggest loser if it all goes wrong is us so we need to take responsibility for ensuring it doesn't go wrong. The IP is just what it says on the tin, a supervisor. Besides, I seem to remember it's actually in the contract that ultimate responsibility for ensuring we comply with the terms of the proposal falls to us.
It's not too big of an assumption - they knew they had to try to remortgage in year 4, kept schtum when the IP didn't mention it and are now calling for a time bar on implementing the clause. This stands alone among the other problems because the OP knew their responsibilities with regard to this clause even if they didn't fully understand it.
BOL I thought your comment to the OP seemed a little unfair too as it suggests there was a deliberate evasion. However I do agree with you that the biggest loser is us and that we need to take responsibility. Our proposals stated that we would be contacted by end of year 4 (April 2010)with regard to remortgaging. We heard nothing so ended up chasing at regular intervals until we were eventually told quite casually with only a few months to spare (via customer services) that it was now OK to go ahead. Yes we did chase up every step of the way as we weren't that trusting of our company due to previous issues and feared we might have found ourselves in a difficult position or in breach if we didn't. Lucky for us that there was no extension required. Hindsight is a wonderful thing as they say, for the OP foresight would have been more useful. However my dictionary definition of 'supervise' is: to manage, direct, oversee, control or guide ... while I believe most in the supervisor's role do a fine job, it doesn't actually look as though all have completely met the definition.
Actually, and with the greatest of respect to our experts, they are not supervisors, as such. They are more a mix of arbitraters, overseers and referee !
At the end of the day the IVA is YOURS, and it is your responsibilty to see it runs correctly.
My firm actually say as much at the start, emaphasising that if they don't measure up then a prod is welcome.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
To answer some of them perhaps a read by all of my first intro on 23rd Aug 2007. called "unless I agree these mods" This will give the back ground.
The problem to a lot of this was the mods never got to me as they ended up in a file (As I found out) with the previous supervisor whom left. They never came with the chairmans report and arrived 7 months later. The subsequent challenges and pressures as a result reflect.
Yes I knew of these mods as getting them agreed was a nightmare in it's own right,however just before the 4 year point my partner left, I got made redundant etc and I took full responsibility for the IVA.
With all the pressure of this I didn't consider (Hind site maybe)or keep the finger on the pulse lets say. I didn't forget or keep silent, believe me if I knew what the options were I would have shouted or made better decisions. I didn't know or have these options explained to me at any stage of the process. eg: Release equity, extend 12 months, lump sum offer. This is still my point.
My IP knew the issues I had, as I had to talk to them and provide so much information, this is were I feel the pain, why call them supervisors if they are Actually as Foggy states "with the greatest of respect to our experts, they are not supervisors, as such. They are more a mix of arbitraters, overseers and referee"
I appreciate (In Hind site)I may have got it wrong although I will still fight my cause having read these posts, thanks again.
Only wish I was guided and maybe coached by the service we pay in the first place, after all it is us that has the pressures of life around attempting to succeed in an IVA, agreeing I put myself in this position in the first place. Good old customer services come to mind.
A mixed post bag this one. Either way I now have to put together another I&E and start the process again for may be another 12 months. At least paying the Nov payment I have a bit of spare cash for Xmas.
Next move is to challenge who owns or should have owned what, then establish how I go about it. Any ideas. ??
The first place to lodge a complaint is with your current IP's practice - hopefully you can resolve the issues between you. If a formal complaint can't be resolved internally then you can go to the financial ombudsman or the OFT or the firm's regulator. I understand your frustration as you seem to have had a lot of poor advice - but you need to be clear about how this has disadvantaged you and for any compensation to be relevant e.g even if you had fulfilled the equity clause in year 4 you wouldn't have been able to re-mortgage and your position would be as it is now - a 12 month extension or if you had someone who could offer a lump sum 12 months ago, why couldn't they offer it now. I'm not trying to be difficult, but complaining could be a stressful process and with everything you've been through it may be just as well to keep your head down if there isn't any benefit to you from the complaint.
I could have potential sold my property offered at least maybe a final settlement, rented something cheaper and more manageable instead of paying a higher interest only mortgage.
I,m afraid I wasn't then and still not in a position to offer the lump sum unless I sell. We know what it,s like in the current climate for selling houses. I tried last year.
I don't want another 12 months of this pressure at 54, sorry.
I understand not wanting the extra 12 months but in the grand scheme of things it isn't long and you won't have to give up your property. If you want to sell to end the iva, it is possible you could lose all the equity and retain only enough to cover moving. In which case, you could sell quickly as there's no incentive for you to hold out for a good price.
A feeling we all share! We spend the whole time fixated on an end date and to have the goal posts moved at the eleventh hour must be excruciating. You can still do all those things you planned and if/when you sell your property, the profit will be yours to help bring all these plans to life. The extension doesn't extend the time the iva is on your credit file - it will still come off next year on schedule and a mortgage will help you build up a good score for the future. It will just take a little time to get used to the idea - most posters are chuffed to bits not to be able to remortgage!
