Equity calculation

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by nickjay85 » Wed Mar 01, 2017 10:52 pm
I took out an IVA with Cleardebt in June 2010 which completed in October 2015. I was then informed that it had been taken over by Aperture. I had already completed a valuation on my house and gave mortgage redemption figures to Cleardebt. As of August 2016 I had heard nothing from Aperture so I contacted them to ask when I would receive my completion certificate. A few weeks later I was told that I'd have to have my house valued etc as they reckoned I hadn't done so whilst with Cleardebt. Finally they agreed that I had done so. The problem I have is with their calculation of the equity available in my house. They used the following figures (this is a joint IVA and a joint mortgage with my wife):
House valuation - £170000
Outstanding mortgage - £137321.67
Somehow this left an equitable share of my property of £11359.54 between us i.e. Greater than £5000 each so an attempt at remortgaging was required or pay another 12 months of payments. They then used a different calculation which is in the IVA protocol. This worked out that we would both have a maximum remortgage of £3589.17 each. Obviously less than the £5000 needed to invoke an extra 12 months of payments.
I've contacted Aperture about this but they have stated that the Protocol is only there for advice. I informed them that Cleardebt issued my with an protocol compliant IVA. They then said that the calculation in the protocol has since found out to be incorrect - even though they have used it themselves!
Has anyone had a similar experience?
Can anyone give me some advice?
I obviously don't want to pay an extra 12 payments if I don't need to.

Many thanks in advance

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by Foggy » Thu Mar 02, 2017 7:55 am
The Protocol is NOT there for advice --it is an integral part of the agreement. If your proposal says they should be using the Protocol method of calculation, then they should use it. Aperture are becoming renowned for using these methods according to their own interests. Just as they are recovering from one almighty mess -- their greed creates another !!
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Michael Peoples
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by Michael Peoples » Thu Mar 02, 2017 10:11 am
Go back and speak to someone else at Aperture. Your calculation seems sound to me as there is no such thing as a joint IVA. They can be interlocking but each is entitled to their £5k in my understanding.
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