Can they take more than I owed

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tracy712
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by tracy712 » Fri Oct 12, 2018 2:06 pm
Hello, I was with an IVA company and apparently they went into administration, my case was taken over by another company which I have not been happy with. I was never told anything about the company that had taken over my Iva.
Now I am selling my house and paying off my debt. This new company have now given me a settlement figure of more than I owed originally and I have been paying into this for 4 years.
How can they get away with this it’s day light robbery ?
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tracy712
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by tracy712 » Fri Oct 12, 2018 2:19 pm
tracy712 wrote:
Hello, I was with an IVA company and apparently they went into administration, my case was taken over by another company which I have not been happy with. I was never told anything about the company that had taken over my Iva.
Now I am selling my house and paying off my debt. This new company have now given me a settlement figure of more than I owed originally and I have been paying into this for 4 years.
How can they get away with this it’s day light robbery ?


The company is Aperture that I am having problems with they are so rude on the phone and not at all helpful I would NEVER recommend them to anyone :o
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MerlinL14
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by MerlinL14 » Fri Oct 12, 2018 2:22 pm
Are your calculations including the full amount of the original debt, fees and statuary interest or the figure your IVA company calculated you would pay at the monthly rate from your initial proposal?
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Foggy
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by Foggy » Fri Oct 12, 2018 3:05 pm
A settlement figure would include the full original debt, plus fees and statutory interest. You would be far better to hold off on a sale until the IVA is done and dusted at a far smaller cost to yourself.
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Lisa Thomas
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by Lisa Thomas » Fri Oct 12, 2018 3:06 pm
Do NOT sell your house without first getting a variation in place!!!

If you do not get a variation in place then ALL of your share of equity will have to be paid into your IVA unless and until the total costs, debt and statutory interest have been paid in full - only then could you receive any surplus back.

Alternatively you can put forwards variation to voluntarily sell your house and then from the proceeds pay over a lump sum equal to the amount of payment you would have made, had your IVA continued its terms in the normal way. This may need to include contributions for a presumed extension for an extra year.

See my videos here for more info:

https://youtu.be/h4dozq9aGak

https://youtu.be/L8M98FI5OqQ

https://youtu.be/PHfc85n39U4
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Lisa Thomas
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by Lisa Thomas » Fri Oct 12, 2018 3:07 pm
...Also you may find it hard to get another mortgage (if needed) until the 6 years has passed since the start of your IVA.
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