This is all very concerning. I have never felt more vulnerable in regards finances than i do right now with these people running things. Glad the mortgage thing doesnt affect us yet but its quite alarming what theyre trying to do. Is Mel aware of all this activity/upset/concern? Just intrigued to know if she does or not. I love my home and going BR scares the c**p out of me so still glad done IVA but CF are not filling me with any confidence.
We need to stick together, support eachother and fight[:I]I am scared too but we (work) beat a big company at over contracts, overtime etc so we can try!
Recovering - in the link you posted Michael Peoples comment is the one that concerns me most, his advice is usually spot on, and full of common sense, and for him to say we should not automatically expect a 12mths extension is quite worrying..
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by abbiesmum2003
This is all very concerning. I have never felt more vulnerable in regards finances than i do right now with these people running things. Glad the mortgage thing doesnt affect us yet but its quite alarming what theyre trying to do. Is Mel aware of all this activity/upset/concern? Just intrigued to know if she does or not. I love my home and going BR scares the c**p out of me so still glad done IVA but CF are not filling me with any confidence.
going BR is not in the creditors best interests either, so I wouldn't worry too much about that
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by chocoholic2
Recovering - in the link you posted Michael Peoples comment is the one that concerns me most, his advice is usually spot on, and full of common sense, and for him to say we should not automatically expect a 12mths extension is quite worrying..
compare your T&C's with the standard ones, you can find them on google. (The ones linked from cleardebts site are the easiest to follow as far as which year and all that jazz
I agree with your comments about Michael but he was not involved in our iva or contract, Mel was that is the whole point! the protocol thing was introduced after ours were set up and does NOT include secured loan
I'll be checking the standard Ts&Cs as Doritos mentioned tomorrow..we're both a while away from month 54, would like to hear from someone who is battling this now, then hopefully we can all share tips and ideas!
I feel for you guys with mortgages, it must be awful to come to the end of your IVA only to be bolted up with a secured loan for X number of years. I had a courtesy call from credit fix over the red letters & they mentioned I could confirm over the phone to agree to the new Ts & Cs so be careful what you say if you talk with them.
Last edited by Credit-King on Fri Jan 30, 2015 9:16 am, edited 1 time in total.
I have defended secured loans in the past and there is certainly a place for them as an 'option' for clients. Choice is paramount and I do not feel that people should be forced down any specific route if it was not part of the original proposal. However I have said that while a remortgage and a secured loan may well be different a judge would be the one who would make the final decision as to what is a reasonable request.
All of our clients have their cases reviewed without credit searches and where there is equity the vast majority are extended. However a couple of clients per month opt for a secured loan to close their IVAs down and they are happy to do so. Their monthly payments reduce, their IVA ceases at least 18 months before it would with an extension and they no longer have to hand over bonuses, overtime or commission. Their main mortgage remains with the existing lender and hopefully within two years they can remortgage the lot down the High Street.
The point is that no one is forced to do anything and if given the options each client can determine what is best for them. If CF are offering secured loans as an option then this is fine but if they are demanding clients take secured loans saying that they are the same as a remortgage then perhaps someone will object. In such an event it would need to go to court for a decision by a judge and I would not want to second guess that decision.
I am fast approaching month 54, (as you can see by my countdown) I have read through my proposal and the points under "dwelling house" all talk about re-mortgaging, NOT a secured loan. The only point that concerns me is receipts of sums in lieu of equity - "if i am unable to obtain a new mortgage, my supervisor will have the discretion to consider accepting one of the following alternative proposals a) a third party sum equivalent to 85% of my interest in the property, or b) 12 additional monthly contributions..." I know Mel said that she means a third party to be friends or family, but wondering how else it could be interpreted? As Michael said, i've got no issue if they want to offer a secured loan as an option for me, but it needs to be MY choice. it is MY life and MY iva after all! If my Iva started in Oct 2010, which protocol do I come under?
Lou. It does not matter which protocol as the proposal and modifications are what matters. In your case it appears you are entitled to have the IVA extended if you cannot remortgage unless CF have a different interpretation of what constitutes a 'Third Party'. I agree with Melanie that this would mean family or friends but others may interpret it differently and again if anyone is forced there may be the need for legal advice.
I'm only about 10 months into my IVA and I cant help thinking it would be easier to fail my IVA now than continue with CF, and re apply with a another IP. There just seems to be hassle and grieve continuously with their clients and the thought of them looking over my shoulder for the next 5 years fills me with horror!
Thanks Michael. Lets hope no one is forced into anything they don't feel happy about. SUC, I sympathize with you just starting out. All I can say is that hopefully there are alot of teething problems, and also alot of conflicting advice given out by customer service reps who might be new in role, and struggling to deal with the back log. Hopefully when it comes to the crunch, common sense will prevail, and things will run more smoothly. I must admit though, I just want it all over with now.
