Hi. My partner and i are in iva (payplan) 3 yrs of 6 due to nram ensisting. My question is its due to the together morgage that we ended up in this mess.
I heard a whisper of some compo for these morgages is this true.
Many thanks mark
They lost a court case and may have to stump up quite a bit in compo, however, they would just write it off any debt you have with them if your in an iva or similar is my understanding so in most cases won't make any difference in the long term to the iva. Even those without an iva etc they will only reduce the size of the mortgage owed I believe. the other thing of course is they are probably going to challenge the decision anyway.
They brought the original case against themselves to get some clarity.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
So ..... they sue themselves to get a precedent set and it goes the wrong way, so they appeal against themselves because they didn't like said precedent!
If they lose the appeal, this will open another PPI-like can of worms.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
