What courses of action are open to me to appeal

[OPTIMIST12]

Why dont you ask for a copy of the Chairmans report from your Creditors Meeting - that should make things clear once and for all??

[scooby0]

Hello Steve

I know what you mean regarding your re-mortgage.I have to do the same thing, but when my then husband and I took a joint iva out, we had the clause in there too. And as you were told that we would probably not have to remortgage. The point being that we would be debt free in 5 years time. And as you have mentioned too I was only informed of the fact to offer full and final payment after 6 years of payments. It was extended as I didn't increase payments once car finance had been paid off. You made the point of being supervised, I feel that we weren't supervised either as I completely forgot about the increase in the payments once car paid off as I was then going through a divorce and suffering with depression as my husband decided that he preferred a "friend" of mine to myself. I was devastated when I found out he was having an affair then to find out a few months later who it was, after she had been comforting me is an understatement. So as you can imagine remembering what had been jointly agreed years ago had been forgotten. Now I know that the onus should have been on myself to increase these payments as that was the agreement but time goes by and I feel that a reminder could have been diaried by my IP to contact me to remind me of the fact that I had to increase my payments. The only "reminder" I had was when I received a phone call one morning, about 08:15 saying that they wanted to talk to me about my arrears??? So I carried on paying for another year and didn't hear anything else from them.
They then contacted me to say that I needed to offer full and final payment. And as you may guess or not my now ex-husband stated that he could not raise anything towards it and it would be up to me as I was residing in our house with our 3 children. He is even going to get 15% of house value when our youngest is 18 years of age or when I can raise it. So I am in the process of a 2nd meeting due to time lapse of original one (have had problems trying to re-mortgage) I now have to await till the 2nd May for this meeting to see if creditors agree my original offer for full and final...
Gosh I've written war and peace here sorry - but it's a point that I feel we both want to make that the supervisors were not keeping us informed properly as people's lives change over the years and things happen. Why aren't there reminders diaried into the IP's details to automatically send out the relevant letters to inform clients of increased payment proposals etc... I'm wondering what the experts think regarding this?

Best of luck with whatever action you decide to take

[MelanieGiles]

There are reminders diarised in IPs management systems - well there are in mine in any case - to pick this sort of thing up, and you should have been prompted at the end of the fourth year.

If you are remortgaging now in your own right, take legal advice as to whether this should be reduced off your husband's future interest in the property. In my book it certainly ought to be, and you might need to seek an adjustment of the Consent Order you agreed as part of your marital settlement.

[scooby0]

Thank you for you reply Melanie.

It's good to hear that some IP's have changes to their clients IVA's diaried, as we are all only human and as I mentioned time goes so quickly and life changes - sadly mine didn't. I or we I should say used a big company and have never in all this time actually spoken to the IP.

Regarding the consent order - this won't be changed as I used the IVA regarding his 15% he was after 50% of everything in the beginning for the divorce agreement.

Thinking of it now I don't think I have had a good deal, regarding what he is getting later on, but as this is now into the 8th (started IVA in 2000) I am willing to let it all happen so that I can get on with my life and close 1 chapter and move on a bit further.
I have not been paying towards IVA since May last year, this was the 1st creditors meeting for full and final which was accepted. I rang my company and queried should I still be paying now as an amount has been agreed and I would be paying more on top of the agreed amount, I was informed yes I could. I wrote in as told to do to request the 2 months that I had paid back,and it was ok to cancel the standing order, only to receive a phone call saying that I should not have stopped the payments until the money from the remortgage has gone through. Luckily I got the name of the person I spoke to on the original phone call who had apparently told me incorrect information so they could train him more. However it was then agreed that as I had a mortgage offer on the table at the time that I didn't have to worry about re-instating standing order.
I am now a year on and just waiting for this next meeting and I think they will accept and it should then just be days to await the money transfer. I think I am one that has passed through the net, maybe because I have used big company...I will await the outcome of the meeting on the 2nd May..
regards
scooby0

[MelanieGiles]

Good luck for 2 May Scooby, and let's hope it makes the start of a great bank holiday weekend.

[Steve.t1]

Good luck scoob, I hope things work out for you, it seems as if everything has conspired against you.

Since I last posted my tale of woe( As I see it) I have thoroughly reviewed all the paperwork I have going back to June 2003 and also I have requested permission to view what is lodged by the IP at my local County Court.

I now know that my original propoasal and that of my wives definatly had no equity clause inserted. However at the original creditors meeting the clause was inserted into my agreement. I received a letter dated the 30th July 2003 Informing me that the papers had to be lodged with the County Court in four days otherwise the agreement could not be set up. So I signed and sent it back.( I presume, I cant actually recall).

Seems very rushed to me now, considering the importance of such a modification that I believe utterly changes the nature and scope of the original proposal. I feel this strengthens my assertion that I was harried into agreeing to something of which I did not fully appreciate the possible consequenses.

My new IP have also agreed in principle that I was definately financially disadvantaged by the failure of debtmatters to ensure the clause was actuivated in the fourth year, as it clearly states that if equity has not been released in this year a creditors meeting must be called to discuss alternatives.

I didn't release the equity, the meeting was never called.

[jpj]

Steve.t1
You say "My share" of the equity is £25,000 in the house, you shouldnt have to be releasing 100% of your share? should you?

Probably when you took out the IVA you had no option I presume but to go down the IVA route or face bankcupty... If you had gone bankcrupt you would have lost your house and all the equity in it anyway,

[MelanieGiles]

Steve

Yuo could try a complaint with the regulatory body, but as you actually signed the documents agreeing to the clause I really feel that this will fall of deaf ears. At the end of the day you will have to prove that the IP was negligent and that will be difficult.

[Steve.t1]

Morning everyone.

jpj, my clause stipulates 100% of my share of the equity. My IP have indicated this is negotiable though.

Thanks Melanie, Who is the regulatory body, is it the Finacial Ombudsman Service? (F.O.S)

[Steve.t1]

I'm having my house valued today by an eatate agent.

[MelanieGiles]

Hi Steve

If you let me know who your IP is I will find the regulatory body for you.

[Steve.t1]

My IP that I feel let me down was 'debtmatters'. They have now sold my IVA onto my current IP, 'payplan solutions'.

[MelanieGiles]

I need the name of the actual IP to be able to give you details of the regulatory body, and not the firm's name.

[Steve.t1]

I need the name of the actual IP to be able to give you details of the regulatory body, and not the firm's name.

Sorry Melanie, I thought the IP was debtmatters, where will it say who my IP is?

[Adam Davies]

Hi
Your IP is normally the supervisor,set out in the chairmans report that you received when your original creditors meeting occured.
Your earlier quote from your posting
'Yet the modification of this magnitude is sent through he post with no effort to make sure I understood the seismic ramifications. At that time I would have signed anything put in front of me, if it came with the promise of debt free in five years'
This has been a common problem highlighted on this forum,and I can totally sympathise with you.I have previously stated that this clause should be explained by a solicitor prior to the IVA starting,so that there is no misunderstanding.
I fear that you will have to bite the bullet and remortgage your way of your IVA.The 100% equity clause is a joke and impossible to do unless you sell the property.
I'm sure that you have reason to complain.
Regards