CF and Equity Release

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cbdawg

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Post by cbdawg » Mon Jun 14, 2021 11:12 am
Hi All

Does anyone have experience of CF and equity release?
CF have done their calculation and say i have more then £5k equity. If i use their valuation figure and mortgage redemption figure and base it on the original calculation in my agreement i have less than £5k.

I have just sent them all of this referencing the original agreement, has this happened to anyone else? and any advice to what i should say/do?

Foggy

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Post by Foggy » Mon Jun 14, 2021 12:31 pm
This has happened before and with other firms, but, where the calculation method is referred to in the document, that is the method they must use. In such cases others have backed down, but not always where the method isn't included.
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

cbdawg

Posts: 52
Joined: Sun Jun 11, 2017 6:46 pm

Post by cbdawg » Mon Jun 14, 2021 5:00 pm
Thanks Foggy

So you do think i need to stand by the calculation in the proposal? If they still disagree, do you know what the best form of action would be?

Foggy

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Post by Foggy » Mon Jun 14, 2021 6:08 pm
You have to abide by the content of the agreement and so should they !

If they insist on deviating I would offer up a formal complaint, direct to the IP and threaten to escalate this to their regulatory body. The RB cannot directly intervene but can, if they find against the IP, impose hefty fines.
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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