Has anyone successfully challenged Aperture about their interpretation of the section regarding the calculation `if you can't remortgage then it is a third party sum or 12 extra payments'
They are working it out as 85% of the equity not 85% of the LTV which in my case means an extra £8k
Exactly what does it say in your paperwork? Have you had your property valued?
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.
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They have been challenged in the past and have backed down on a number of occasions where the agreement itself refers to the method detailed in annex 7. I am afraid there is a conflict and the clauses are badly drawn in many cases, but the actual stated method should overrule any perceived interpretation of the conflicting clauses.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
We have just gone through the same thing with Aperture, (Grant Thornton Before. Thanks to the support from this forum we challenged and won!
Have you requested the calculation method from Aperture? You will need this to compare with your paperwork. There should be an example of the calculation method you agreed to at outset of IVA, in ours this was in our initial meeting documentation, and was the same as annexe 7 of the IVA protocol (can be found online). Have a look and compare yours to Apertures current calculation method. I wrote a very polite email to Aperture appreciating that calculation methods may have changed but we had agreed to the method in our contract and not the method they had used. I went on to ask them to re-calculate using the method as per our terms of agreement. I also emailed copies of the example provided to us (as this was on GT headed note paper), and also the part of our agreement where it stated no more than 85% loan to value (LTV).
I have to say Aperture replied and recalculated without any problem.
