Fair point but have the IVA problems actually been created because IPs have to follow the protocal and are 'Bad IPs' actually now bad because they are following protocol whereas before they were good IPs doing the 'Individual' in the IVA...
Last Payment - November 2011 - Completion Certificate received 2 weeks after last payment, Removed from Insolvency Register within 4 weeks after last payment.
I don't have a protocol IVa so can't comment on how it is written, but do think that any unscrupulous firms out to maximise their commission will always find ways to interpret in the creditors favour. And equally, those with little or no sympathy with their client's predicament will also not be sympathetic in their interpretation of the terms.
I agree with BOL and if things were standardised a little more it would be fairer, having said that I'm with Melanie and have never had cause for concern, a genuine IP who lives in the real world with the rest of us. x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Herbekj I agree entirely that that the 'individual' should remain in individual voluntary arrangement. However, there should be consistency across the industry and even now the modifications differ depending on who you have borrowed from. The fee structure varies from creditor to creditor and does not always reflect the work done.
There are some good things in protocol and we have introduced many of these conditions into our own proposals without actually drafting rigidly protocol IVAs.
I agree that there should be a standardisation of the IVA protocol, the goal posts won't keep moving and people will know exactly where they stand. Hopefully once this PPI and VAT problem has gone away then things will settle down. I'm not too sure i agree with the secured loan though if equity can't be released and if this is so then then the wording within the agreement should be very clear that this is what will happen and the client if fully aware before signing.
Om shanti, namesté, good luck to all who are embarking on the IVA journey, it isn't always an easy one but the outcome is the best.
IVA COMPLETED August 2012, received Completion certificate 18.4.13.
Spoke to someone yesterday who had been advised by a major company that an IVA was the correct route and that she won't have to worry about remortgaging, just expect a 12 month extension of her IVA, even though she had joint debts of 50k and 150k equity ????
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Andy Davie
Hi
Spoke to someone yesterday who had been advised by a major company that an IVA was the correct route and that she won't have to worry about remortgaging, just expect a 12 month extension of her IVA, even though she had joint debts of 50k and 150k equity ????
Regards
Isnt it frightening that advice like this is being given out by 'professionals'! i think we should encourage people to leave honest and open comments on the review section of iva.com so people do have an honest account!
I remember back when i was sorting out my IVA i would have agreed to anything, i was very vulnerable as often people are in times of debt crisis!
Im assuming your unable to reveal said company andy?!?!
Arty
IVA completion and certificate received 08/10/2012!!!
I'd be interested to know which company said that as well - it's almost word for word what I was told when I queried the equity clause with my supervisor.
Skippy... It`s Ok saying you should query why there is a clause in the proposal about equity release despite already being told it would be impossible, but another thing getting an IVA without one when you`re under pressure to find a solution to your debt problem.
What we have witness here is a piece of of fanancial wizardary....hahhah..dreamt up by the devil incarnate(banks,Creditors)
Ignenious I have to say.....I need a drink.
I think for 8/10 people extending their IVA for 12 months is cheaper than remortgaging (whether you can or not)for debtors as Mel have said and her clients agreed!!!
So why have we got an 'alternative' concoction in the form of intermediary loans as a subsitute for the equity release
till a debtor can remortgage? Simple, Creditors get the full wack of the EQ release value sooner or later.
This is why I hate the banks for!|They are so clever aren't they??
The IVA cannot close till every penny of the Eq release value is paid back? Imaging if you chose 15 years to paid back? As for IVA remortgage, everyone need to get this,it will not change from how it is for a very very very long time.
I wouldn't not go through with this loan process! As for DFD as Foggy have hinted, are they getting their cut out of this new extended intermedary arrangement
DFD again.They gave you EF now this.
Last edited by nomoremoney on Wed Jul 11, 2012 4:10 pm, edited 1 time in total.
I wonder though Andy if this would still be the case at the end of the IVA, maybe the wording is such that it could be then changed to raising the money that the equity would have otherwise given over by way of a loan, you never know!!!
Om shanti, namesté, good luck to all who are embarking on the IVA journey, it isn't always an easy one but the outcome is the best.
IVA COMPLETED August 2012, received Completion certificate 18.4.13.
Creditors used to insert that equity was to be released by ' the introduction of third party funds, remortgage or sale'. If any of these types of words have been used then Annie may need to raise something from the equity. Also HMRC do not accept protocol IVAs and they demand the equity so without the full facts it is wrong to be judging DFD.
Ours says that we have to raise £14k each by way of remortgage. This cannot be more than 85% LTV and cannot be more than 50% of our IVA payments. If not then our IVAs will continue for a further twelve months in lieu of the equity!
