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Posted: Tue Jul 14, 2015 12:09 am
by Eggs are ace
Hi everyone,
Month 54, all documentation sent to IP as requested, so mortgage redemption statement and house valuation......... We have been waiting nearly a month and not heard anything back, anyone any idea what sort of timescales are appropriate for an IP to get back to us to tell us either way about equity release/12 month extension?
I have chased them and been told my case is in a queue!
Posted: Tue Jul 14, 2015 4:44 am
by luluj
I would be chasing fortnightly ... it needs to be addressed timely do you know where you stand and whether an extension was going to be imposed.
Keep pushing them ... fingers crossed it won't be long.
Posted: Tue Jul 14, 2015 7:45 am
by Foggy
I agree and would be chasing regularly, queue or not. This is an important part of being able to get on with your life.
Posted: Tue Jul 14, 2015 8:34 am
by lifenoteasy
Given that this has to be obtained from month 54 I suppose in reality they have up to 5 months in which to say whether it will be extended or not.
However, in reality the fact they have a backlog is not your problem as this is an Individual arrangement subject to a legal agreement.
Posted: Tue Jul 14, 2015 12:07 pm
by Lisa Thomas
I would chase daily until they get so annoyed they look at it just to get rid of you!
Posted: Tue Jul 14, 2015 5:56 pm
by Eggs are ace
Cheers everyone,
I'll pester them I think
Posted: Tue Jul 14, 2015 8:33 pm
by dancer
Those who shout loudest usually get moved to the front of the queue!!!!!!!
Posted: Mon Aug 03, 2015 12:13 pm
by Eggs are ace
More than 6 weeks of pestering to try and find out about the equity release thing, I cant see that there will be an extension to the IVA due to the equity(even says in the IVA agreement that it is thought that the property will be excluded due to there being no equity), but it would be nice to have have this confirmed...........
GGGrrrrr!!!
Posted: Mon Aug 03, 2015 12:21 pm
by Helen.k
we got ours back within a couple of weeks, saying we had equity and had to pay an extra year. So we had our house independently valued, emailed the IP the figures as soon as the estate agent gave us the new quote, and we got a reply back that same day to say there was in fact no equity!
Posted: Mon Aug 03, 2015 6:10 pm
by Foggy
Send a letter, by recorded delivery, along the lines that, if you do not hear within 14 days, you will assume that there is to be no need to attempt equity release, nor will there be any extension, as anticipated when the agreement was drawn up.
Posted: Tue Aug 04, 2015 4:42 pm
by Eggs are ace
Got reply back this morning........
No equity = no 12 month extension
Totally made up, but its only what was stated in our agreement, its just nice to see it in black and white.........it did take more than 6 weeks though after submitting the mortgage redemption and house valuation
now for our next issue.........arrears...........
Posted: Tue Aug 04, 2015 4:45 pm
by kallis3
Great news on that - hope you get the arrears sorted out quickly.
Posted: Tue Aug 04, 2015 4:52 pm
by Foggy
One down ... one to go
