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slow but sure

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Post by slow but sure » Mon Aug 16, 2010 8:58 pm
Some of you may recall I did use this site a lot when we was going through the IVA, for those that dont know, well we had an OVa and we completed 3 years ago, but it just seemed to get worse, hence the reason for being on this site now! - any advise very much appreciated.

WE remortgaged when we settled our IVA, but our broker advised to change our current mortgage provider, it would mean that we would be paying £1700 per month interest only, they puch through the valuation and we cleared our IVA, horray! - however, we could not keep up with the mortgage payments as I lost my job and when we had the house valued 3 months after the new mortgage taken out we were in negative equity of over 100k how is this possible, we are lead to believe that the broker used and the surveyor over valued our house to get the business, we have since entered into a partnership programme with GMAC (mortgage provider) and they sold the house for us, big mistake, we now owe them 80k dont own a house and back in the same situation we were in before we entered the IVA, so what was the point, I now have no other choice but to go banjrupt, as no one it appears will help us, as a final resort I have written to the broker and asked for a full review, I did also see on the internet that the FSA has just fined them for non complicance and not proving correct mortgage advise.

So here I am 80k in debt no home, divorce just round the corner and I think what is the point?

GMAC have said that I can pay back £100 a month, but this means that I will be paying back for the rest of my life and will never have a mortgage again...

so where do I go, I just wish that when I settled my IVA that I sold and not remortgaged but our IP told us to remortgage,

anyway enough winging, any help very much appreciated!
Keep Smiling..... thats free!


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Post by Nicola.sa » Tue Aug 17, 2010 1:21 am
Oh MY Goodness, that is so awful!! Who was your IP? I really don't have any advice other than to tell you that I am sure you will get some more answers from the lovely and more knowledgable folk on here tomorrow so hang in there!


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Post by MelanieGiles » Tue Aug 17, 2010 1:54 am
Sounds like you may have grounds for a complaint here. I would proceed with this before you decide to go bankrupt - you could be in for some compensation.

Your IP should also not have been giving you mortgage or investment advice either.
Regards, Melanie Giles, Insolvency Practitioner


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Post by kallis3 » Tue Aug 17, 2010 8:35 am
How dreadful! I definitely suggest going along with what Mel has said.

Let us know if you do so, it would be interesting to see the outcome.
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.
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