advice needed I'm currently in a Iva with aperture under 2014 protocol I am at month 58 but need to try and release equity from my house I have the equity but I've tried secured loan and remortgage both were declined when I called aperture they said they have passed my file to select partnership do I have to take offer from them or should aperture accept I've met my obligations within the protocol thanks hope this makes sense
Foggy wrote:You have to take a secured loan if able to -- if Select find one that fits the agreed limits then, as far as I am aware, you have to take it.
should I argue the case as I've been told no on affordability by a secured lender I told select I didn't want them acting on my behalf as aperture said I don't have to use them no formal offer was made off select they just said they may be able to help with a 27 year loan which seems ridiculous
update 12 month extension applied today. Check your agreements you don't have to use a third party to arrange your equity release you can do this yourself I now have to pay a further £4500.00 instead of £40000.00 stand up to your Iva provider and quote your Iva agreement in all correspondence
Good result. I completely agree that you should stand up to your provider in a dispute ( and don't blindly accept their word). I suspect that, in this case, the extension was applied on affordability grounds of the loan Select could find. I doubt the 27 year loan would have fallen within the agreed limits.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I stopped select even being able to offer me a loan as they was using companies with high interest rates and charging me a fee for that I applied for 2 remortgages and secured loan with reputable companies and was declined by both remortgage companies and was offered £20000.00 secured loan which was not enough to pay off the 100pence in the pound figure to which the extra 12 months was applied to my Iva. Hope all people with equity in there house under 2014 protocol stand up for them selves and don't give in
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
