I'm sure you will get the right result but how worrying that if admin staff don't understand what LTV means, some clients could end up paying an extra year when it's not due.
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by dancer
I'm sure you will get the right result but how worrying that if admin staff don't understand what LTV means, some clients could end up paying an extra year when it's not due.
I am sure that has happened on many occasions , Dancer ... possibly the next "PPI type" saga - overpaid IVAs !
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Morning all just got response from Gt even more nonsense. They now agree with our calculation off £9348.61 as equity avaliable but now say that is above £5000 de minimis as it is a joint arrangement.
Surley as we booth have the clause which says if my share of the equity is below £5000 the property is excluded.
i shall email them yet again!
Hi again iI am beginning to loose the will to live with these idiots. They now say as property is in joint names and it is joint arrangement it is equity for the full share so re motgage required.
We both have Iva which paperwork states is a linked Iva and we both have de minimis clause so surely this is still £5000 each or am I just not getting it?!!
Advice please
I am trying but my god its hard work.
i am going to ask them to email the propsal they are looking at as it is clearly different to mine!
so frustrating when when have one payment left to make.
Are they using the term "joint arrangement" ? There is no such thing. You each have an individual IVA ( that is what the I is for ). They may be interlocking, which basically lumps debts and payment together, so you only make one monthly payment, but each refers to "your share of equity", which is 50%.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Hi - as Foggy says it is interlocking and not joint.
Joint would mean that you are effectively being classed as being liable for each other's debts.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
Hi again, sorry to be a pain, I have now received this
"Although your proposals were drafted separately it is still an inter-locking arrangement. This means that both assets and liabilities have been pooled and cumulatively your equity available is the £9,348.61.
Therefore the re-mortgage aspect must be dealt with. Should you not wish to do this, we will have to convene a meeting of your creditors to allow them to decide what course of action they wish you to take.
We are here to help
My dedicated Progression team are here to help you with any queries you have regarding your IVA. Sounds a bit threatening to me, Please can someone advise how best to answer them, they just dont seem to want to accept there is no equity.
Thanks in advance everyone.
Last edited by vlc1507 on Tue Mar 17, 2015 4:32 pm, edited 1 time in total.
They have made you liable for each other? I think that you have no choice but to make a formal complaint asking for a review of what has been stated.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
Thanks Lifenoteasy, am beginning to think that is the only route open to us.
We have been mucked about long enough about this and they have come up with three different equity available amounts between £9300 and £29000 so it seems clear they are confused so would hope we will have a good case.
Another question sorry- do we just tell them we are not satisfied and want to make a complaint, not sure what procedure is.
Thanks in advance again!!
Each company has their own process - state it is a formal complaint and get them to identify the timescales that they will respond to. If they don't or won't formally complain via https://www.gov.uk/complain-about-insol ... actitioner but read the advice first.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
Thanks Lifenoteasy, I have drafted this do you think it is ok to send
We feel from your email that you are suggesting we are not wanting to comply with the terms of our Iva. That is simply not the case- if the equity clause can be shown to be as you are suggesting then we have no problem at all with the re mortgaging option.
Having received three different calculations from the progressions team of available equity ranging from over £29000 to just over £9000, we hope that you can see we are very concerned about the way in which this process is being dealt with.
Please can you forward paperwork supporting what you are saying- as the paperwork we have is clearly stating my share of equity not our share of equity.
If this is not possible then please can you let us know how we go about making a formal complaint.
Personally I would state that this is a formal complaint first - given that 3 different calculations have been provided with the impact that if not clarified by the IP that you could be significantly disadvantaged by an interpretation that has now made you and your wife jointly liable for debts irrespective of whose name they were in.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
