I have an IVA with Aperture and the last agreed payment was in January 2020. In Jan 2014, they extended the IVA by an extra year as a result of the equity release clause and two remortgage evaluations I submitted. Now, they emailed me to say my IVA has not yet been closed because "the property obligation on your IVA has not yet been addressed", and. although they accepted that I've made the extra 12 months of payment, they are saying that "we now need to confirm if those payment should have been made". They are asking that I submit my last mortgage statement and a valuation report of my property within seven days.
My question: Can they exercise this equity release clause the second time and force me to re-mortgage, if it comes to that? Please advise me what I should do?
They shouldn't be able to. You've done what was asked of you and you would not be able to get a remortgage anyway. Get back in touch and ask why they are doing this when you have submitted everything they wanted.
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
I assume that date was 2019, not 2014. Anyway ...back then, did they go through the whole exercise of valuations and attempting to remortgage, before imposing the extra 12 months ? If so who did the work ?
They should only have one bite of the cherry, if the 2019 exercise was actually completed.
As Kallis says I would ask them, in writing, to explain themselves, again in writing ( in case you need to take a comnplaint to their regulatory body, get everything in writing ).
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
1.12 No attempt should be made to realise a consumer’s home equity under paragraph 9 of the protocol during the pandemic unless the consumer agrees to proceed. The supervisor will retain the discretion to extend the IVA for up to 12 months in order to allow the consumer to complete their IVA. Voluntary release of equity can continue to be included in new proposals.
You have already paid the extension, so that is the matter dealt with --- if it was done incorrectly then refer them to the above.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
