72 months agreed - now 84?

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guyargent

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Post by guyargent » Mon Nov 26, 2018 11:58 am
Hello.
I entered into an I.V.A. six years ago with a firm called Debt Free Direct. On discussions over the phone it was agreed that my I.V.A. would be over 6 years instead of 5 as I had a joint mortgage with my partner and it might be difficult to release equity in the final year of a five year plan. My partner never signed an RX1 form or was asked to.
The I.V.A. was then taken over from Debt Free Direct by a company called Aperture.
I now have made my 72 monthly payment into my I.V.A. and have contacted Aperture as to how we finalise and get a completion certificate. My first attempts to Aperture of contact via email were unsuccessful, so I rang them and eventually spoke to an advisor,
They stated that my discussions with Direct Free Direct were irrelevant and I would have to release equity on my property before the I.V.A. could be finalised. I stated that it would be difficult as my partner would not be prepared to release equity, so they said they would extend the period of repayment by a year to 84 months. When I stated that I took a 6 year payment plan, instead of a 5 year one, to then not have to go down the equity release route, and the final 12 payments from 60 months to 72 months, should take into account all the payments have now been made, they said that is not their policy.
I then wrote and emailed them with an instruction they should contact my creditors and explain the situation with regards to them accepting a finalisation on my payments of 72 months. This was a month ago and I have heard nothing. I have stopped my standing order to Aperture as I feel i have obliged the 72 month repayment contract.
Any ideas on where I go next. I naively thought the last payment would complete the procedure and allow me to move on.
The I.V.A. has also over the 6 years reclaimed over £12,000 P.P.I. compensation that had been misold to me. my original debt was £30.000 and I have repaid £8,202 in my I.V.A repayments, so that is over £20,000 paid to the original debts

Foggy

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Post by Foggy » Mon Nov 26, 2018 12:10 pm
Dig out your proposal -- if the extra year at the start was in lieu of equity release it should say so in the agreement. At the very least it should not mention the liability to release equity. If that is the case Apertures "policy" doesn't matter -- what matters are the agreed terms.

Be wary of stopping payments when they are deemed due -- missing three could void the whole arrangement, which would be a disaster at this stage.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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guyargent

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Post by guyargent » Mon Nov 26, 2018 12:14 pm
Foggy wrote:
Dig out your proposal -- if the extra year at the start was in lieu of equity release it should say so in the agreement. At the very least it should not mention the liability to release equity. If that is the case Apertures "policy" doesn't matter -- what matters are the agreed terms.

Be wary of stopping payments when they are deemed due -- missing three could void the whole arrangement, which would be a disaster at this stage.
Thank you for your response. I have the original agreement, but it does not mention anything about equity release or a choice of 5 or 6 years repayments. Just the 72 month repayment contract.

Foggy

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Post by Foggy » Mon Nov 26, 2018 12:41 pm
On the face of it there would seem to be no agreement to release equity, so Aperture are making things up as they go along. They might, however, claim a fallback position by saying that the standard terms apply regardless. DFD were, I believe, linked to Freeman Jones, who are still trading. Maybe have a word with FJ to see if they could intercede.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

guyargent

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Post by guyargent » Mon Nov 26, 2018 12:52 pm
Foggy wrote:
On the face of it there would seem to be no agreement to release equity, so Aperture are making things up as they go along. They might, however, claim a fallback position by saying that the standard terms apply regardless. DFD were, I believe, linked to Freeman Jones, who are still trading. Maybe have a word with FJ to see if they could intercede.
Thanks again....
Do you think that I should hound Aperture to get a response or leave it go quiet. They do seem like they are not very good at communications, but they ultimately seem to have all the power.
with thanks.
Guy

Foggy

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Post by Foggy » Mon Nov 26, 2018 1:39 pm
guyargent wrote:
Foggy wrote:
On the face of it there would seem to be no agreement to release equity, so Aperture are making things up as they go along. They might, however, claim a fallback position by saying that the standard terms apply regardless. DFD were, I believe, linked to Freeman Jones, who are still trading. Maybe have a word with FJ to see if they could intercede.
Thanks again....
Do you think that I should hound Aperture to get a response or leave it go quiet. They do seem like they are not very good at communications, but they ultimately seem to have all the power.
with thanks.
Guy
Personally I would be hounding them ... ask them to point out under which clause in the proposal they are pursuing equity release. Aperture are, I am afraid, somewhat lacking in the communications department (indeed, customer service overall is poor, in my opinion). Try getting your IP's email address from the Insolvency Register and writing to him / her directly.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

guyargent

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Joined: Mon Nov 26, 2018 11:13 am

Post by guyargent » Mon Nov 26, 2018 1:51 pm
Foggy wrote:
guyargent wrote:
Foggy wrote:
On the face of it there would seem to be no agreement to release equity, so Aperture are making things up as they go along. They might, however, claim a fallback position by saying that the standard terms apply regardless. DFD were, I believe, linked to Freeman Jones, who are still trading. Maybe have a word with FJ to see if they could intercede.
Thanks again....
Do you think that I should hound Aperture to get a response or leave it go quiet. They do seem like they are not very good at communications, but they ultimately seem to have all the power.
with thanks.
Guy
Personally I would be hounding them ... ask them to point out under which clause in the proposal they are pursuing equity release. Aperture are, I am afraid, somewhat lacking in the communications department (indeed, customer service overall is poor, in my opinion). Try getting your IP's email address from the Insolvency Register and writing to him / her directly.
Thanks I have just got my I.P. name and contact details from the insolvency register. I will contact them directly, and let you know the outcome.
Yours
Guy

Lisa Thomas

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Post by Lisa Thomas » Mon Nov 26, 2018 3:48 pm
The original proposals (and any modifications agreed to) dictate what was due to happen in the IVA.

As Foggy states it is not up to your IP, they cannot move the goalposts!

Make a complaint.

Here's how:

https://youtu.be/l1wqUbNeW00
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk

Freeman Jones

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Post by Freeman Jones » Mon Nov 26, 2018 4:28 pm
Foggy wrote:
On the face of it there would seem to be no agreement to release equity, so Aperture are making things up as they go along. They might, however, claim a fallback position by saying that the standard terms apply regardless. DFD were, I believe, linked to Freeman Jones, who are still trading. Maybe have a word with FJ to see if they could intercede.
Just to clarify - when DFD went into administration I believe that the IVA customer base was purchased by Aperture and it provides all the ongoing customer service. Freeman Jones only purchased the Debt Free Direct website URL. Ian
A member of the team at Freeman Jones - www.freemanjones.co.uk

Foggy

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Post by Foggy » Mon Nov 26, 2018 5:16 pm
Freeman Jones wrote:
Foggy wrote:
On the face of it there would seem to be no agreement to release equity, so Aperture are making things up as they go along. They might, however, claim a fallback position by saying that the standard terms apply regardless. DFD were, I believe, linked to Freeman Jones, who are still trading. Maybe have a word with FJ to see if they could intercede.
Just to clarify - when DFD went into administration I believe that the IVA customer base was purchased by Aperture and it provides all the ongoing customer service. Freeman Jones only purchased the Debt Free Direct website URL. Ian
Thank you for clarifying that point, Ian. I knew there was some connection -- now I know what it was / is :-)
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk
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