maybe martin lewis would do an article on money saving expert, that hits a lot of peoples inbox's ?
My Blog details, the route I took before IVA, how I choose my firm, equity release advice (year 4-5), challenging the CRA's keeping IVA on credit file once gone from insolvency register
IVA ended August 2015. Would recommend McCambridge Duffy
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 think it would be hard to go to watchdog or the media for some people. I didn't tell anyone so certainly wouldn't go public!
At this time, the poster has been asked to explore the possibility of releasing equity with a secure loan and, unless I have missed a post, hasn't been told she has to take it.
I think that as Foggy says on the topic and as Michael has said before, it some circumstances they are useful and certainly seem to be the way forward for IPs but I still think this should only be when you agreed to it and not something people feel pressurised into retrospectively.
It wouldn't have worked for us anyway as we had two mortgages with our initial lender plus another secured loan.
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
" at this time the poster has been asked to explore the possibility of releasing equity with a secured loan and unless I have missed a post, hasn't been told she has to take it"
My quote from DFD rep.." If you reject the loan, you will be issued with a Notice of Breach ( for failing to adhere to the equity release clause in your IVA) and you will be expected to submit an offer in lieu of the secured loan (such as a lump sum from a third party or an extension to the IVA)"
If your not referring to my post, then my apologies x
life never seems to be the way we want it to be, but we live it the best we can . there is no perfect life but we can fill it with perfects moments.....
Thank you all once again for your posts and advice. I've sent David Mond and the two Cleardebt staff who are dealing with my case three mails since 25th August, one per week with the latest chaser today, but have had no reply at all from anyone. I'm reluctant to call them as I now want to keep everything in writing - especially as we've been told one thing by one member of staff, then another thing by another on a number of occasions in the last seven months. The questions we've asked are:
1 - if we will be in breach if we do not agree to contact Gateway Finance and the exact basis of the breach.
2 - a description of your interpretation of third party.
3 - if we provide another quote from a broker that we are unable to obtain a mortgage, as it states in our agreement, that this will suffice and we will continue to pay for the next 7 months to completion of our 6th year?
4 - if we do contact Gateway Finance, do we have to accept any secured loan that we are offered (if any) or can we reject it without being in breach? If we are in breach, the exact basis why?
5 - if we proceed as you have requested and receive a secured loan to pay into the iva, that I have your assurance and confirmation that this is the correct and legal process on our agreement, and that you will reimburse/compensate me if this is subsequently found to be an incorrect interpretation?
6 - if we approach another broker who deals in the same market as Gateway Finance, i.e with clients in IVA's, and receive a rejection from them, will this suffice in the same way as Gateway Finance? We've then gone on to say - We cannot proceed until we understand the implications of what we are about to enter into. You must understand this from our position as I said in my note last week, we could end up continuing to pay for another decade or more, and this was certainly not advised at any point or any time in our IVA. The waiting goes on.....
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Foggy
In a nutshell, I think there could soon be an IVA miss-selling scandal with a lot of weight being placed on the lack of information given at the outset. One of the main drivers will be the equity situation, which was either not explained properly, or completely glossed over. I doubt many would have gone into the IVA with the threat of secured lending and continuing debt being the end result.
There does seem to be a creeping inevitability that the way in which IVA's have/are being sold is going to end up like the PPI scandal e.g. lack of information and explanation at point of sale, not fit for purpose. Only time will tell
I think that no reply is terrible, even an acknowledgement and a time scale for a full reply is the least you could expect!
I think your questions are reasonable and given the mixed messages you have had, I would also want correspondence in writing.
From my personal experience of Cleardebt I cannot fault them at all so I am surprised by the lack of response. David Mond posted on here yesterday I think so he's hopefully going to see this too.
We have received a reply from David Mond this morning to our questions:
1 - if we will be in breach if we do not agree to contact Gateway Finance and the exact basis of the breach.
Yes I would consider this a breach as it is a reasonable request from me to ask you to liaise with third parties who I am aware are more equipped to assist insolvent applicants. The basis of the breach would be failure to cooperate with the Supervisors’ reasonable requests.
2 - a description of your interpretation of third party.
‘Third party’ is any person(s) or organisation(s) able to provide assistance to fulfil your IVA obligations.
3 - if we provide another quote from a broker that we are unable to obtain a mortgage, as it states in our agreement, that this will suffice and we will continue to pay for the next 7 months to completion of our 6th year?
Not necessarily, as more organisations are becoming available to insolvent applicants, it should include exploring all avenues of releasing funds from your property. So this is not limited to mortgage brokers or high street lenders that you have contacted but any organisation that we are aware of can assist.
4 - if we do contact Gateway Finance, do we have to accept any secured loan that we are offered (if any) or can we reject it without being in breach? If we are in breach, the exact basis why?
If the Supervisor believes the secured loan offer is reasonable through Gateway and you refuse to accept it, and cannot offer a proposal to match that offer, then it will be deemed as a breach. The basis would be the same as above.
5 - if we proceed as you have requested and receive a secured loan to pay into the iva, that I have your assurance and confirmation that this is the correct and legal process on our agreement, and that you will reimburse/compensate me if this is subsequently found to be an incorrect interpretation?
There is no risk of that. Obligations are required to be met and the Supervisors job is to ensure that everything has been done to ensure they have.
6 - if we approach another broker who deals in the same market as Gateway Finance, i.e with clients in IVA's, and receive a rejection from them, will this suffice in the same way as Gateway Finance?
I would be happy to review any offers you manage to obtain though similar organisations.
So, it appears that we have no choice in the matter at all, and are being forced to contact Gateway Finance or we will be in breach. I don't see how we can fight this at this stage, so we're going to contact Gateway on Monday under duress and proceed from there.
I have one other question for this forum - I thought that creditors had to be approached at month 60 to vote for the 12 month extension? Ours clearly haven't been contacted, so what are the implications of that? Does anyone know? Many thanks again.
I'm sorry to hear this but I fear it is becoming the norm these days and everyone with their own house and equity will be expected to take out a secured loan.
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
and if it's written in the proposal and agreed to I fully agree but if it's not then I would be disappointed to have to source a loan when I entered the IVA to rid myself of debt not incur more. My humble opinion only.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
I totally agree - the original terms and conditions should be the ones used - these days the best thing is to live in rented accommodation as they can't make you take out a loan
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
