Equity after so long?

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Post by marietheresa » Sun Aug 09, 2020 12:53 pm
i have paid into an iva for 5 years, however after that period the payments were not taken, i didnt hear anything from the company for nearly two years, when i contacted Grant Thornton myself to ask for a completion certificate, they then said another company would contact me Select partnership to see whether i could take equity out of my property, These people have been in touch, but i am still furloughed at present, so they said to let them know when i go back to work, i took a break from the mortgage which now i owe that money, can they still make me take equity out of my house please


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Post by Foggy » Sun Aug 09, 2020 2:52 pm
They can in theory as this was never concluded at the correct time. However, have a read of this article: https://www.gov.uk/government/publicati ... a-protocol

You will see in section 3, 1.12 that no equity release should be sought, instead, if the criteria are met ( there being more than £5k equity available ) the 12 month extension can be applied without having to jump through the usual mortgage seeking hoops. Of course, if there is less than £5k the whole thing is stopped there and then.

The changes mentioned in the article are not discretionary and the IP should abide by them -- but may need reminding.

The new firm, Aperture, have failed in their obligations to see to this at the correct time and you have grounds to complain to their regulatory body (https://www.gov.uk/complain-about-insol ... actitioner).

Select are pretty down to earth and easy to speak with, so chat to them about the valuation and where to go from here. Sometimes the re-financing is actually less than the 12 month extension and it is better to have all the facts and options in front of you.
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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