You do need to clarify this and, if no proper valuation was done, I would make a complaint.
As asked - who is your IVA company?
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
You need to get a valuation (presumably as at month 54) and prove to them that the equity is (presumably) less than £5k and that the extension will therefore not apply.
Check your terms - the onus was probably on you to provide the valuation at month 54.
Aperture often use Select to administer equity release -- and, unfortunately are the prime users of the "alternative" and inventive methods of calculation. Did you have any contact with Select ?
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Aperture are terrible at communicating to there customers, they didn't ask me to release equity when they were supposed to either and told me my iva was complete on the 72nd month only to find out on the 78th month that I needed to address the equity release. Had a 12 month extension finished (I hope) 1st July 2019, month 96 still waiting for completion certificate.... Useless company!
these people are suppose to help us
it seems they are just exploiting us
there is nothing we can do though
or you get threatened with breach of contract
They are not exploiting you - you need to check your paperwork and speak to them asap.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I suspect that your Supervisor checked the position regarding equity before your IVA was extended. This may have been done internally or it could have been passed to a third party firm to assess. The normal order of events is 1) If there is below a certain level of equity (as Foggy says firms do have a slightly different interpretation of this) then your IVA would normally be completed, 2) If there is equity but it is not possible to obtain a mortgage to release funds for your creditors your IVA would normally be extended 'in lieu' of releasing funds via a remortgage, 3) if there is sufficient equity in your property and you ARE able to release funds via a remortgage or second charge then, in keeping with the terms of your proposal, you would normally be expected to do so (subject to various other conditions). It would be interesting to know which firm you are with.
Specialist Mortgage Advisers. Highly Commended at the British Mortgage Awards.
Sorry, I've just noticed I've missed some of the script here. If you are with Aperture it's probable that my firm reviewed your case. If you'd like to message me off-line with your details I'll be more than happy to check it out for you.
Specialist Mortgage Advisers. Highly Commended at the British Mortgage Awards.
Is it common practice that the IVA providers will try for an extension anyway, because you own your property? and sometimes not look at valuations or the amount of equity?
I'm only asking out of this being a learning curve, I feel guilty to all the home owners because I rented, I only had to pay for the 5 year period (took six but not because of equity - long dull story lol)
Sat Nov 09, 2019 1:35 pmRadish wrote:
Is it common practice that the IVA providers will try for an extension anyway, because you own your property? and sometimes not look at valuations or the amount of equity?
I'm only asking out of this being a learning curve, I feel guilty to all the home owners because I rented, I only had to pay for the 5 year period (took six but not because of equity - long dull story lol)
No, Radish. If there is enough equity to trigger the release clauses it is usually more than they would get with the 12 month extension --- which is a fall back not the first choice. If they do not carry out a valuation exercise the agreement would be breached for not complying to the terms. If the IP leaves it out it is incumbent on the debtor to get it done as that is what they have agreed to do.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
