My husband is in month 55 of his IVA,The IVA company and us have tried to remortgage in order to release the equity on our house however this is not possible. It stated on our iva paperwork that if a remortgage was not possible then a further year of payments into the iva would happen, however they are now saying they can find him a secured loan in order to raise the equity. Is this allowed ?. . I don't really want another loan I'd rather have another year of payments . . and if we get another year of payments can we offer a full and final settlement to get it done with sooner? Hope you can help
Are you with DFD by any chance ? Thay have been suggesting this route for a while and are currently trying to get clients to agree to changes in terms to make this the norm.
However, if your proposals states a 12 month extension in the event you cannot remortgage then that is what has to happen (unless you agree to the secured loan). They cannot force a secured loan on you.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Stand firm and refuse to even look into the secured loan! Your paperwork states what must happen and that is clearly 12 months of further payments and NOT a secured loan that they can source for you!!!
In effect tell them to stuff it!
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
You do not need or have to, if you read the forum you will see many posts of people being asked to get a secured loan and they all seem to stem from one company DFD.
Bit low of them if you ask me as it is never going to be in the debtors interest, you can bet your last dollar they will be making something from it.
I find it shocking that they offer an IVA as a solution to people for unsecured debt problems and are now trying to pile more longer term secured debt onto people through a secured loan once they are coming to the end of the IVA. Especially when it doesn't appear to be in the original IVA agreements. There has to be a massive conflict of interest here somewhere. They have a portfolio of IVA clients who they are now trying to saddle with a secured loan on which they will probably rewceive a commission from the lender as an introducer for each borrower. Nice little earner indeed but in my view outrageous. In addition to that they are now trying to get people to sign up to new T&C's with this 2014 IVA protocol that includes the 'secured loan' 'option'. I wonder what the FCA or any of the other regulators would think of these shennanigans going on at present.
Make sure you stick to the signed IVA agreement and don't be railroaded into anything.
Indeed, surely it is the role of the IP to actively ensure (and enforce if necessary) the terms of what is effectively a contract between creditor and debtor.
They would be pretty quick to act if the debtor varied from these terms so can an IP please explain why they are allowed to try and do this, if the terms of the agreement clearly say something else?
I am sure that this must be seen as unfair by anyone looking at this proposed change from the outside, no problem if this option was highlighted before agreeing the IVA but rather unfair to add at this late stage
I feel it is Andy. We would be lucky to have about 3k equity if that when our equity release comes into effect in April this year so less than 85% LTV and less that the 5k deminimus. We have also complied with all PPI requirements and completed them. So I am at a loss to conceive why we received a variation proposal for our IVA's? I can only assume it is for the fees that it would generate but I hope I am wrong as apart from this so far DFD have been great with us. We did of course decline the variation.
"Hope is the feeling you have that the feeling you have isn't permanent." - Jean Kerr
IVA approved Aug 2008 - 6 year term - last payment made 6 Oct 2014. CC received 14 Nov 2014.
Unfair indeed and Andy and in my view potentially misleading, when you consider that they appear to be sending out a raft of legal paperwork along with a 'Deed of Assignment' for PPI to sign with the new T&C's which seems to relate to the adoption of the 2014 protocol and the secured loan option. A cynic may think that this along with implication that a Completion Certifcate may be delayed is all designed to confuse people into thinking that they are obliged to sign everything sent to them.
I've said this on a different thread - I'm still as clear as mud with our agreement and it seems they can change the goal posts when they feel a new condition should be introduced?
Its a shame I don't have any disposable income for a solicitor cos there are quite a few things I'd like to discuss.
I can see something coming of this in years to come... The Great IVA Scandal similarly like the PPI currently.
There are some fantastic IP's/companies out there that do an amazing job but unfortunately there are also some rouge larger impersonal one's too
**23'04'14 - IVA Complete F&F Agreed with payments made to date oh and a fat PPI reclaim helped too. Completion Certificate received 23'10'14 ** After a couple of years of waking up and 'surviving' the day I now wake up and 'Live' for the day!!
**Any comments I make are purely my own opinions**
I have Counsel's opinion which states that a secured loan is not the same as a re-mortgage, and therefore no-one needs to take out a secured loan to cover their equity release provisions if the original terms do not provide for a secured loan specifically.
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by MelanieGiles
I have Counsel's opinion which states that a secured loan is not the same as a re-mortgage, and therefore no-one needs to take out a secured loan to cover their equity release provisions if the original terms do not provide for a secured loan specifically.
