Do we have to proceed with second charge mortgage for our IVA?

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Foggy
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by Foggy » Tue Feb 20, 2018 9:03 pm
As I said .... Some, in the past, have argued that "A third party sum equivalent to 85%" covers a secured loan, but, so far, have backed down when disagreed with. If it did mean a secured loan the IVA Forum (the body overseeing the Protocol terms, not us) would not have felt the need to introduce secured loans specifically in the 2014 Protocol.

An IP, some time ago, took legal opinion and her counsel agreed that a secured loan was not the same thing as a remortgage. The "3rd Party Sum" is not intended to be a secured loan.
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recovering
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by recovering » Tue Feb 20, 2018 10:14 pm
Have you always been with CF? Or have you been transferred to them?
nc26nb
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by nc26nb » Tue Feb 20, 2018 11:45 pm
recovering wrote:
Have you always been with CF? Or have you been transferred to them?


Just been transferred from knightsbridge
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Foggy
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by Foggy » Wed Feb 21, 2018 7:40 am
nc26nb wrote:
recovering wrote:
Have you always been with CF? Or have you been transferred to them?


Just been transferred from knightsbridge



Did you sign any variation agreement on transfer ?
nc26nb
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by nc26nb » Wed Feb 21, 2018 7:21 pm
Foggy wrote:
nc26nb wrote:
recovering wrote:
Have you always been with CF? Or have you been transferred to them?


Just been transferred from knightsbridge



Did you sign any variation agreement on transfer ?


We signed a letter from cf giving permission for them to act on our behalf as far as I understood the only change was to the fee's that cf charge
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Foggy
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by Foggy » Wed Feb 21, 2018 7:29 pm
nc26nb wrote:
Foggy wrote:
nc26nb wrote:

Just been transferred from knightsbridge



Did you sign any variation agreement on transfer ?


We signed a letter from cf giving permission for them to act on our behalf as far as I understood the only change was to the fee's that cf charge


Hmmm -- did you keep a copy? I know a lot of these variations when firms take on others caseloads contain several changes and, in at least one case, did include an update to the 2014 Protocol.
nc26nb
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by nc26nb » Wed Feb 21, 2018 7:59 pm
Foggy wrote:
nc26nb wrote:
Foggy wrote:


Did you sign any variation agreement on transfer ?


We signed a letter from cf giving permission for them to act on our behalf as far as I understood the only change was to the fee's that cf charge


Hmmm -- did you keep a copy? I know a lot of these variations when firms take on others caseloads contain several changes and, in at least one case, did include an update to the 2014 Protocol.


Unfortunately I didn't, I am now concerned that we've inadvertently signed something we shouldn't have, I'll have ask cf for a copy of what we signed
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abbiesmum2003
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by abbiesmum2003 » Thu Feb 22, 2018 10:54 am
We are in a similar situation. The Select Partnership have also been in touch and given us options however I am keeing my guard up and fully aware of my original t&c's so not being pulled into something which isnt in our best interest and communicaying only in email and getting everything clarified in writing for future reference.
I also have the older protocol so was sticking to the remortgage/extrnsion option however having spoken to an independent advisor I am considering the second charge option as think it might be better for us. Always though we would end up with an extension however that keeps us locked in the IVA clauses so another year of no overtime or extra hours or the fear of losing any inheritance and each year family members get older (that sounds awful doesnt it but i wouldnt want to lose any more inheritance as yhats their money and Id like to know we put it towards something other than creditors).
Anyway, I have fely Select have been pushy and not fully keeping to guidelines so I have taken a bit of time to have a breather. Received a threatening email the other threatening to fail IVA if dont communicate with them as will deem me to be non compliant within terms. I responded saying I am in contact with a team member and have so far complied but this is a huge decision and not one I am prepared to rush into.
I am not being pressured by them.

Can anyone clarify wjat happens if my equity release isnt dealt with before my 60th payment? Can I communicate with CF and cancel my standing order or do I have to keep paying monthky while mortgage/secured loan gets processed even if that then means over paying my IVA? Select have said if ER gets sorted and money released before 60th payment I dont need to pay all 60 and IVa will just end but im not so sure.
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claire245
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by claire245 » Fri Apr 06, 2018 8:53 pm
Hi abbiesmum2003.
What was the outcome for you?We are in a similar situation,waiting for a decision on remortgage but only have 2 months left to pay.Do you still have to keep paying?
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