Do the IP need us to do another IVA extension if we still can't release equity?

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Jemrout1234

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Post by Jemrout1234 » Tue Mar 31, 2020 9:48 am
Hi we have been in an IVA with aperture (but originally grant Thornton) for 8 years June 2020, we defaulted for 6 months due to me not being able to work.... we rang them and they said we could have a payment holiday for 3 months but then it took us nearly 9 month to re set the payments as their customer services was zero and they would not reply to emails or calls etc... well we managed to re set it up and with an extra year for arrears.... sooo it came to the end last year and we were told we had to try and remortgage etc which we did and were declined... so then we were told we hd to pay for another 12 months.... which we have, yet we have been sent an email saying we have to do another equity release and a possible extension of 12 months!!? How can this be fair? We have done everything they have asked and paid the arrears!? What can we do? We have the email trail stating that the end date would be June after the added on year etc. But the ya for saying this is wrong now! Please help I am at the end of my tether my mental health is suffering,

Foggy

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Post by Foggy » Tue Mar 31, 2020 10:16 am
I would say that this is an error (It has happened before) --- ask them why they want another extension and point out that equity has already been dealt with -- they can only have one bite at that particular cherry !
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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Jemrout1234

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Post by Jemrout1234 » Tue Mar 31, 2020 10:23 am
My husband has emailed them with a copy of original emails from 2 years ago... this was last week and they hve replied saying we have to do an extension... and the end date will “more than likely be June 2021” surely this can’t be right we have all the proof saying we extended and agreed to pay off arrears. I feel like crying. It’s never ending,
Is there anything we can do? :cry:

Foggy

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Post by Foggy » Tue Mar 31, 2020 10:32 am
Ask them, point blank, why and under what authority ! Do not accept just being told this is so --- you need to know their reasoning.
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

Jemrout1234

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Post by Jemrout1234 » Tue Mar 31, 2020 10:36 am
There was some front of them saying this


I am corresponding to your email dated 23rd March 2020 in relation to final payment date.

I can't confirm a final payment date, however I will highlight possibilities.

The equity review has yet to be completed and therefore would advise if you can submit latest mortgage redemption statement. This is a document usually sent out by mortgage lender, annually to confirm progress of clearing mortgage.

Aperture's Analytical Team will manually calculate if the value equity on the property is more or less than 5,000.00 pounds.

More than 5,000.00 pounds - final payment date likely to be May 2021 because 12 monthly payments are added.

Less than 5,000.00 pounds - final payment date will be June 2020 and equity obligation has been fulfilled.

Once equity obligation has been fulfilled, then there is final year review in which would ask for last 3 months wage slips or bank statments each (similiar to Annual Review in previous years, reflect on affordability in the last 12 month of IVA) to calculate for:

1. No additional funds - meaning you have submitted evidence on affordability to repay creditors

2. Additional pay - meaning if you have earned a little bit more and could afford to repay creditors a little bit more, it will be one-off additional pay.

Once these obligations have been fulfilled, then case can go to Closure to legally certify you as debt free.
But we have already done this 2 years ago!

Foggy

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Post by Foggy » Tue Mar 31, 2020 11:28 am
Try:

Thank you for your email dated XX/XX/XXXX in which you state that the equity review has yet to be completed. This review was, in fact, addressed two years ago and, as you can see from the attached copy correspondence, we were unable to release equity and the 12 month extension was applied, and, indeed, has run its course and been paid. There is no justification for a further extension and I would be grateful if completion can now be progressed without further undue delay and that you would confirm, by return, that this is happening.
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

abbiesmum2003

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Post by abbiesmum2003 » Tue Mar 31, 2020 2:02 pm
Foggy is right.
If you have evidence that equity has already been reviewed and declined and youve paid an additional 12 months in lieu of the equity on top of the payments to make up for the arrears then they cant then make you do the equity again. Thats wrong and against all terms!
Theyve had the extra payments as opposed to the equity and you are not expected to do it again.
Stick to your guns and provide evidence of you keeping to the terms.
Best of luck. 8 years thats a hell of a long time bless you! Hope it completes as it should now. Let us know.

Jemrout1234

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Post by Jemrout1234 » Tue Mar 31, 2020 2:26 pm
It has been the worst mistake of my life to date. Our payments our ludicrous would of been easier keeping the debt, we were massively mis advised from day one. Is there any point in even filing a complaint? Would the ombudsman even be interested? From research it’s looking not likely. Honest I can’t do this for another year. The person who sent original emails about the end date no longer works for the company... so am expecting them to use him a scapegoat and say it was a mistake etc: but surely we have still stuck to the terms. I just feel sick about it all, thinking we are going to be stuck for another year in this horrible mess:

Foggy

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Post by Foggy » Tue Mar 31, 2020 4:00 pm
You had an extension of a year to cover the 'arrears' and another extension for equity -- unless they can provide evidence to the contrary (i.e it was for another reason) -- so they need to provide, in clear language, the reason for a third extension.
The ombudsman has no jurisdiction over IVA's. You will need to make formal complaint to Aperture, which you can escalate to their regulatory body via the government gateway here: https://www.gov.uk/complain-about-insol ... actitioner
The regulators will not intervene, but can issue, sometimes quite substantial, fines against the IP. Often the threat of this makes them pull their fingers out.
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

Jemrout1234

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Joined: Tue Mar 31, 2020 9:40 am

Post by Jemrout1234 » Tue Mar 31, 2020 4:14 pm
All I can now is wait for their response and take it from there. I am not very hopeful though.

Jemrout1234

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Post by Jemrout1234 » Thu Apr 09, 2020 11:37 am
Soooo they replied and they are adamant we have to do another mortgage review... and will be getting another 13 months extension... I don’t know what to do! There’s defiantly equity in the house more than 5k but we started the IVA when you were allowed 20k. I feel sick about this it’s just never ending. Any advice would be appreciated

Foggy

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Post by Foggy » Thu Apr 09, 2020 12:04 pm
Lodge a formal complaint and refer it to their regulators, as per my earlier post. I am afraid there is little else you can do.
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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