Is there anyway we can appeal Cleardebts decision to refer us to GF for secured borrowing ?

[longslog101]

Jeandd62

As this is becoming more and more common I decided to add a blog entry to my blog with a template letter I would send, with a bit of info about it, just saves me posting all the text in peoples posts lol

http://longslog101.blogs.iva.co.uk/2015 ... an-in-iva/

[Jeandd62]

Hi again all. Apologies for the lack of contact, but I'm just waiting for something in writing and I'll provide an update. Thanks again for all of your advice and support to now.

[kallis3]

Just let us know when you hear something - keep pestering them for the letter/email as you need to get this sorted.

[happy buddha]

Hi if i can just add that i went through this with clear debt last october. here is the link to the question and replies http://www.iva.co.uk/forum/topic.asp?TOPIC_ID=67154

Clear debt do have to explore all avenues to raise money for the creditors i realise that now as they are obliged to for clients and creditors but at the time your mind spins because of the" i stopped getting in debt and now i might be going round in a circle " worries. What i realised is that Clear debt are not going to make you get a secured loan IF it is not affordable to you but they first must explore the chance of it happening. Gateway to finance were also very proffesional in my dealings with them and did a thorough affordability check before concluding that they could not lend to me. So my advice to you would be to accept that you have to go through the rigmarole of this and be compliant and that it is not a fore gone conclusion that you will end up with secured loan.
IF you did have to get a secured loan you could always remortgage further down the line as advised to me to bring the mortgage and loan together at a lower payment.
Both companies are very professional and are not looking to make things worse for us even though it feels like it at the time. Good luck with your journey.
One more payment to go for me and freedom.

[longslog101]

Anything can be affordable over a long enough term, wether you have to commit to said route is another point all together though.

[lifenoteasy]

There is another post (not CD) where someone is being offered a secured loan at £110 per month for 25 years to release just under £10k.

That's £33k to release £10k.

In the right circumstances I have no doubt that a secured loan is right for someone in an iva especially if they are the one pushing to get out of it.

I also have nothing against the potential lenders - I just think they are on really dodgy ground and not fully realising what the issues are.

If the IPs pushing this as an option retrospectively on pre 2014 protocols were on solid ground there would be case law i.e. stand up in front of a judge, explain their interpretation of the insolvency act that allows this and get the judge to agree that is correct.

[Jeandd62]

Hi again all. Sorry for the lack of posts but here's an update. We've received the news today, in writing that our IVAs will finish in 7 months, thank the lord! In the end we called Mark Love and although we were quite defensive initially, we realised that he has the interests of both parties in mind, as in our case, our figures meant that the benefit to teh creditors would have been negligible, and quite detrimental to us. He was very knowledgeable and at the same time sympathetic with a very good telephone manner which put us at ease. He made the recommendation to CD that there would be no benefit in taking out a secured loan and as I say, our letters arrived today! Even though we have the decision we wanted, we're both still upset about the interpretation of "third party", and that secured lending was never on the agenda until a couple of months ago, and still do not think we should have been put through the additional stress of the last couple of months. We both understand and agree that creditors are due the maximum we can pay, but in our eyes the goalposts were moved at the last minute to suit - the reasons for which you have all already alluded to. Anyway, thank you once again for all of your support.

[kallis3]

That is brilliant news - so pleased for you. Good luck for the future!

[longslog101]

What fantastic news, so they tried to threaten you with a breach for not considering a secured loan on an IVA taken out pre secure loan protocols and you challenged it and won.

Fan Bl**dy tastic, I'm so so pleased for you, a glass of cheap cava is in order )

[recovering]

Such great news, very worrying for people who would be too scared to question though!

[relieved33]

Longslog, how I read it, she did explore the possibility of secure loans with the company and they said it wasn't in her best interest and Cleardebt accepted that. She didn't challenge it.

[relieved33]

Longslog, how I read it, she did explore the possibility of secure loans with the company and they said it wasn't in her best interest and Cleardebt accepted that. She didn't challenge it.

[longslog101]

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Longslog, how I read it, she did explore the possibility of secure loans with the company and they said it wasn't in her best interest and Cleardebt accepted that. She didn't challenge it.

How I read it is cleardebt caused a lot of angst and worry for someone suggesting they needed to consider a secured loan and as I understand it from the history of this thread David Mond even wrote to them saying they would be in breach if they didn't.

Which as I understand they are not entitled to.

If this is the case I still think a formal complaint against the company to the gateway should be made in light of this, it is only by doing so that such firms practices will be exposed and the firm officially penalised/reprimanded and receive the negative publicity it deserves for this.

Hopefully, if this is the case, Jeanne will do this, such that there are less chances of it happening to someone else rather than thinking well I'm okay now I will just leave it.

Any IVA firm can dress it up how it wants that it has a responsibility to get as much as it can for creditors, but it can ONLY do so using what is in the agreement and protocols agreed at the time of the agreement, not through its own made up process, which lets face it is no different than a scam if its trying to propose an individual commits to further lending to raise capital for them as a firm and the creditors when the poor person in the IVA has no legal/contractual obligation to do this but suggests they do, if that is indeed what happened.

If cleardebt did not suggest they were required to undergo refinancing assessment through a secure loan vehicle other than a mortgage then I retract my comments

[recovering]

I am quite confused by this, isn't any secured loan for 10-20 years going to be detrimental to the debtor? firstly the crux is whether it is in your agreement to begin with? I'm not sure when it would be beneficial to the debtor after 5-6 years of payments

[longslog101]

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by recovering

I am quite confused by this, isn't any secured loan for 10-20 years going to be detrimental to the debtor? firstly the crux is whether it is in your agreement to begin with? I'm not sure when it would be beneficial to the debtor after 5-6 years of payments

Spot on, hence why I think if the original poster was told they had to consider this (if their agreements and protocols said otherwise) they should formally complain and let the insolvency service know this is what they were asked to do/consider.

as per this guidance from the insolvency service http://www.iva.co.uk/forum/topic.asp?TOPIC_ID=72957