4 months to go... end of the tunnel...

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Jasmin.75
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by Jasmin.75 » Tue Mar 27, 2018 10:05 am
Hi everyone! 4 months to go and hoping to end our IVA journey! BUT... never heard anything from Aperture since I sent their request of documents: Updated I&O; Online Valuation of our home and an Up to date redemption of our mortgage last 1/24/18. Last 12/2/18, I tried to ring and managed to speak to one of their curtomer service person who confirmed the receipt of these documents and that last payment iis due July 2018, he also confirmed that no further documents needed at the time. I sent them another email to follow-up 21/3/18, an automated acknowledgement is the only reply I received so far.
Prior to all these, Aperture has already made their Annual review of our updated I&O last 13/11/17 after taking over DFD, and no changes to the agreement as advised.
My questions are :
1) should i just wait until July, then stop my direct debit?
2) i do undertand about the possibility of releasing equity on our home or an extension of 12 months more, but should i be the one ringing them about this? I have sent them their request of document already in January.
3) what should be the next step if IVA is at this last stage?


Please help! We are very near the end of our debt free life! It was a tough, roller coaster ride, but lessons learned! Can’t wait to post our success story,praying this will be soon!!
Many thanks!
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Foggy
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by Foggy » Tue Mar 27, 2018 10:13 am
Jasmin.75 wrote:
Hi everyone! 4 months to go and hoping to end our IVA journey! BUT... never heard anything from Aperture since I sent their request of documents: Updated I&O; Online Valuation of our home and an Up to date redemption of our mortgage last 1/24/18. Last 12/2/18, I tried to ring and managed to speak to one of their curtomer service person who confirmed the receipt of these documents and that last payment iis due July 2018, he also confirmed that no further documents needed at the time. I sent them another email to follow-up 21/3/18, an automated acknowledgement is the only reply I received so far.
Prior to all these, Aperture has already made their Annual review of our updated I&O last 13/11/17 after taking over DFD, and no changes to the agreement as advised.
My questions are :
1) should i just wait until July, then stop my direct debit?
2) i do undertand about the possibility of releasing equity on our home or an extension of 12 months more, but should i be the one ringing them about this? I have sent them their request of document already in January.
3) what should be the next step if IVA is at this last stage?


Please help! We are very near the end of our debt free life! It was a tough, roller coaster ride, but lessons learned! Can’t wait to post our success story,praying this will be soon!!
Many thanks!


1) Get written confirmation from Aperture --- bombard them with emails, or use snail mail (recorded delivery) direct to the IP.
2) The running of the IVA is, ultimately, your responsibility -- they only oversee the process. Again bombard them.
3) If the IVA completes in the summer with no extension the next milestone will be the issue of your completion certificate ( which with Aperture can be as long as 6 months to appear).
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kallis3
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by kallis3 » Tue Mar 27, 2018 12:21 pm
I agree with Foggy - keep pestering them until you get a reply.
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Jasmin.75
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by Jasmin.75 » Tue Mar 27, 2018 8:54 pm
Thank you Foggy and kallis3:)
I have phoned Aperture today, was told that there is back log on their emails and mails. But made sure that I will hear from them before July.
May I ask this forum if anyone can help us with regards to this “equity release” and/ or 12 months extention please? Who can we ask for valuation? What if we cannot afford the remortgage?
Aperture asked if I think we have equity, I believe we will have as house price increased in our area.
And informed me how to calculate equity:
Full market Value of the house less Outstanding mortgage multiply by 85% is the equity.
I hope there is an expert here in the forum who can help with this remortgage and equity release.
Thanks,
Jasmin
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Foggy
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by Foggy » Tue Mar 27, 2018 9:10 pm
First you need to establish the value of the house. Some IPs will accept online valuations ( which tend to be inaccurate) and some will do their own. It is always best to try to get a local agent to give you a valuation -- but inityially you could get an idea from the loca; papers and Rightmove for a ball park figure ( if there is obviously going to be more than £5k, accuracy can be put aside --- if there is a possibility that it can be under £5k it is worth taking more trouble to establish that. Over £5k you need to attempt to remortgage or, if unable to, extend by 12 months. Under £5k equity release isn't triggered.

There are limits to remortgaging --- you can't go beyond the current term of the mortgage and the remortgage cannot increase your current mortgage payment by more than 50% of your IVA payment (assuming you have the usual clauses). It is good to see that Aperture seem to have reverted to the traditional way of calculating equity.

They might ask you to consider a secured loan -- sometimes the figures work out for some -- unless you have agreed to post 2014 Protocol terms, you are not obliged to pursue a secured loan, only a full remortgage --- which currently is likley to be refused.
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Jasmin.75
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by Jasmin.75 » Tue Mar 27, 2018 9:31 pm
Foggy wrote:
First you need to establish the value of the house. Some IPs will accept online valuations ( which tend to be inaccurate) and some will do their own. It is always best to try to get a local agent to give you a valuation -- but inityially you could get an idea from the loca; papers and Rightmove for a ball park figure ( if there is obviously going to be more than £5k, accuracy can be put aside --- if there is a possibility that it can be under £5k it is worth taking more trouble to establish that. Over £5k you need to attempt to remortgage or, if unable to, extend by 12 months. Under £5k equity release isn't triggered.

There are limits to remortgaging --- you can't go beyond the current term of the mortgage and the remortgage cannot increase your current mortgage payment by more than 50% of your IVA payment (assuming you have the usual clauses). It is good to see that Aperture seem to have reverted to the traditional way of calculating equity.

They might ask you to consider a secured loan -- sometimes the figures work out for some -- unless you have agreed to post 2014 Protocol terms, you are not obliged to pursue a secured loan, only a full remortgage --- which currently is likley to be refused.


Thanks Foggy:)
I will get local valuation asap.

I thought about that Protocol terms you mentioned, I remember DFD asking me and my husband to sign a form, it says about remortgage and PPI claims, I rang them and asked about this, I was told that it haa nothing to do with my IVA agreement, it is only for any PPI to be claim in the future that all this will go to IVA, which we didn’t have problem with this as we know that from the start. I remember repeatedly asking about remortgage and I was repeatedly given a reply that nothing will change with our agreement.
I have notes of the dates/time/ and name of persons I spoke with in all my conversations with all these customer service persons but I don’t think this will matter if ever I was given wrong/ misleading information as DFD no longer exist;(
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luluj
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by luluj » Wed Mar 28, 2018 2:51 am
So close to finish line well done. Like foggy n Kallis have said bombard with emails or letters ... you need to get things in writing from them as verbal conversations unfortunately will hold no weight should you have to draw back on things ....
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Jasmin.75
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by Jasmin.75 » Wed Mar 28, 2018 1:04 pm
luluj wrote:
So close to finish line well done. Like foggy n Kallis have said bombard with emails or letters ... you need to get things in writing from them as verbal conversations unfortunately will hold no weight should you have to draw back on things ....

Thanks luluj:)
Feels like its taking forever, knowing that we’re close to finish line:p..... mixed emotions really, excited,happy but nervous and anxious at the same time as my husband and i do not know what to do on this end stage, all we get from Aperture is a verbal reassurance when I ring them, and an auto reply from emails.
I just hope Aperture will get in touch and inform us on what we should do so as not to delay things...
I’ll just follow all your advices for now...emails after emails and signed for delivery letters until I get their attention.
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