Hi, I was advised to have an iva 5 years ago after 15 years of personal debt on a personal pay back plan. I took out the iva with a company called Knightsbridge who after about 2 years on the iva sold it on to a company called credit fix. I finished my final payment in Feburary this year only to find out it isn't finished as they want to take equity out of my house now? My contract was with Knightsbridge and was assured that after 5 years of payments my debt would be clear and now without any warning I have received a letter saying they want more?
Could Knightsbridge be liable for missing selling the iva or is credit fix who I don't believe I've ever signed anything for the problem? What's the worse that could happen if I don't comply any more?
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
The requirement to release equity will be contained in the proposal, to which you agreed. It is standard practice for homeowners and has to be complied with.
Regarding the change to CF -- this is as per the insolvency regulations and does not require your consent, as annoying as that is.
If you decide not to compy with equity release provisions the IVA can be failed and your creditors will again be able to pursue you for the balance of the full original debt, after adding back the last 5 years interest.
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
I have asked for copies of all my case details/documens from credit fix but when I was originally advised none of this was explained to me and I was assured that the 5 years would clear my debts after being on a debt plan for the previous 15 years, I was definitely led down this route. If I knew this equity thing or the extra year at the time I would of sought more advice?