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Posted: Tue Jan 13, 2015 10:56 pm
by CanSeeTheLight
We are just entering our 6th year due to a HP agreement (this was a modification on the original application for iva) we have now been informed that we will have to remortgage at the end of year six or do another 12 months. There is nothing stated in the proposal or modifications about this. Can they do this? Our iva company say that if the proposal is silent they will need to consult our creditors.
Posted: Wed Jan 14, 2015 8:11 am
by mole
that is incorrect, if there is no mention of equity release in the proposal and you have made all other obligations (min dividend, etc) they cannot force you to change your t&cs.
Ask them under what provision in your proposal are they undertaking this action?
Posted: Wed Jan 14, 2015 9:03 am
by Struzzo39
This sounds unfair I hope you get this sorted. I wouldn't of thought they would be able to change anything at this late stage
Posted: Wed Jan 14, 2015 9:44 am
by Foggy
Was equity release ever discussed and was the IP aware that you were a homeowner when the IVA was drafted ?
Posted: Wed Jan 14, 2015 12:19 pm
by Michael Peoples
I have looked back at your posts from when the IVA was approved and you mentioned then about the equity clause and modifications. Unfortunately you must have forgotten as it has been some time but you are bound by the terms of the IVA and your IP is correct.
Posted: Wed Jan 14, 2015 12:50 pm
by Foggy
7th December :
Well thank god that's over (not the best day I've ever had!!). Well it has been agreed - with some modifications - the most of which relate to the IP's fees. There are two mods for us 1) the equity release on the property in 4.5 years unless it is less than £5k with an extra year 2) to try and downsize our car and thus the hire purchase agreement within one month of the agreement - with evidence to demonstrate we havde tried to do this. If we are unable to downsize (to a max of £250 per month) we can pay an extra year on the agreement. Our IP did say thye have tried to argue this but no joy - also that the creditor has accepted the proposal with this mod so at worst we will have to pay an extra year - but how can we demonstrate that we have attempted to downsize??? - See more at:
http://www.iva.co.uk/forum/topic.asp?TO ... NCn4O.dpuf
So much is going through your mind at times like this it is easy to file it away in your subconcious [:)]