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Posted: Wed Feb 26, 2014 7:27 pm
by Jimmy.wd
Hi
I have been in an iva for 51 months. I am with dfd. They sent me a letter about a change to the contract. Something about a new protocol. But to be honest I may have been reading it in french! I have just had my equity release review and I am unable to release any. Could you explain what the changes are and how will it affect me.
Posted: Wed Feb 26, 2014 7:36 pm
by Desperate Bob
Would have to see the wording to give an opinion really.
If it is regard to PPI it would most likely be asking you to sign over any PPI rights so you get your completion certificate.
Or it could be asking you to sign for the new terms of equity release regarding a secured loan.
Posted: Wed Feb 26, 2014 7:37 pm
by MikeyM
One of the major changes discussed on here has been the additon of a requirement for the debtor i.e you; to attempt to release equity using a secured loan if you can't remortgage. Personally I'd refuse to sign it. I am sure the more experienced contributors on here can expand. Personally I think it's way out of order for these IVA providers to be asking people who have already got ongoing agreements in your case nearly completed to sign up to the new protocol.
Posted: Wed Feb 26, 2014 7:44 pm
by martinw
They maybe looking to a secured loan rather than a mortgage. As I understand it a secured loan is easier to get, but may cost you more.
From what I've seen the new protocol hasn't proved popular, most people seem to prefer 12 months extra payments in leu of equity.
try looking at
http://www.iva.co.uk/forum/topic.asp?TOPIC_ID=57726
and/or
http://www.iva.co.uk/forum/topic.asp?TOPIC_ID=57578
Martin
Posted: Wed Feb 26, 2014 7:47 pm
by Foggy
DFD have been pressing clients to release equity by secured loan, contrary to the agreed terms, for some time. They are now using the new Protocol, which allows secured loans to be used, to get their way.
When a new protocol is introduced it is not applied retrospectively, but DFD are attempting to do so by asking you to agree the new terms.
If you are happy with your current terms, leave them as they are.
Posted: Wed Feb 26, 2014 8:28 pm
by MelanieGiles
Find out why they think it is a good idea for you to retrospectively adopt the 2014 Protocol when there may be no benefit to you in doing so.
Perhaps one of the DFD representatives who post on the forum could shed some light as to why this practice appears to have been introduced.