I'm new to this, so please bear with me.
My husband began an IVA in 2006, and up to last week we thought everything was ok. Earlier this year, we had had a letter from another insolvency company saying they had taken over his IVA, and were investigating the conduct of the IVA, but when contacted, we were assured that all was fine, and this was normal practice when taking over an account.
Last week, we received a letter from the IP asking for a redemption certificate from the mortgage company, and contact to make an appointment with a valuation company, as agreed within the IVA proposals laid out originally.
My first question was why the redemption certificate? On contacting the IP, my hubby was told that this was to check on the price we paid for our house, and that the valuation now was to check market value now on our house, so that half the equity could be paid into the pot.
At the start, when reading through the proposal, and amendments, my husband queried the equity thing, and was told that we had to have a valuation done at the start, and then after four years another one would be done. The IP informed him that they needed a starting point for the equity, and that after 4 years another valuation would give a maximum equity for them to then subtract the differences of the two valuations, split that amount in half(as I am not part of the IVA) and take his half of equity for the pot.
The letter last week reads that half of all equity ever is to be passed into the pot, not half of the difference between the two valuations. I am distraught.
Throughout the course of the IVA, we have not been able to increase any payments(he pays £500 per month), so fail to see how we could even have saved for this -had we known- as any increase in wages for him would have been paid into the IVA pot as and when(he is self-employed). I do not think we will be able to remortgage because of his credit history, and I am not in a position to take out a loan because I am not working at present.
Do you think he has any redress on the explanation of the first IP he had, as clearly what he said does not appear to be what was written?
We are at present awaiting a copy of the original agreement, as one was never received.