Can they take more than I owed

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tracy712

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Post 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 ?

tracy712

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Post 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

MerlinL14

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Post 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?
Last Payment made 04/12/14. Completion Certificate 25/7/15. IVA company GT. No Issues

Foggy

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Post 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.
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

Lisa Thomas

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Post 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
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

Lisa Thomas

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Post 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.
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
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