Select Partnership are a company which Creditfix referred us to towards the end of our iva.
They went through our income and outgoings. house value, outstanding mortgage, Age of children and probably fee other bits and pieces.
I was very cautious as CF had referred us to them and I had little trust at first for how legitimate it was but they knew the criteria that had to be met such as anything we agreed to had to be 50% of the current iva payment.
They offered us remortgage or a secured loan.
We are on the old T&C's so it only states remortgage. we didnt HAVE to consider a secured loan. However after looking into things we decided a SL seemed the better option. This was because we would need to pay upfront costs and lose a very good high street deal with current mortgage provider. The SL has had fees included in the full amount, our mortgage has stayed the same on low rate and will be paid off when we sell the house.
We had equity in the house (about £30k) so yes we used a portion of the equity to end the IVA.
We had paid all 60'payments but because we own a home we had to do the equity release thing. We had over the required value and there were lenders able to help us remortgage or offer a loan. Had that not been the case we would have been tied into the IVA for at least another year.
We wanted out. We had done our 5 years. We are in a position to work more hours as all kids at school now, but if remained in IVA any increase would get taken by iva so getting out with a loan was what we wanted to do. It sounds odd to close iva with a loan but its just a small portion of our equity to sacrifice to get out of the iva now.
We havent lost all the equity. Theres still sufficient if prices remain static. The monthly cost is half what out iva was so should be affordable and we will have a little bit more for us plus any extra we earn now.
We wont be monitored and checked and have to send statements anymore.
We didnt have to take the loan but the remortgage didnt look very attractive for the long term and the stay in an iva for another year just filled us with dread.
I have been dealing with Select since Feb 2018 and they have been outstanding.
Communication, explanation, reassurance, clairfication, responsive, honest.
Have dealt with half a dozen people and there has been no query or doubt about their ability to communicate. Each one knew what had happened and what was going to happen. They were consistent and maintained contact as agreed. They produced a few options from various lenders and sent me each illustration for me to look at, read and consider. The decision was ours as to which one we went with and reassured me that neither CF/creditors would know the deals we declined so length of plan and monthly payment were our decision based with in the guidelines. theres been no pressure or push to one deal over another.
We just have a loan secured against the house....when we come to sell the loan will grt paid off. It cannot be carried over. Just have to hope prices remain as they are!
Hope that helps!
sosilly wrote:That's great news. Well done and it must be such a relief.
Do you mind me asking what kind of situation you were in relating to equity, did you have over the required equity allowed and did you try and remortgage? What were your other options the IVA company gave you?
Who are select if you don't mind me asking and have you been able to release some of the equity In your home to end your IVA? Is that what select do?
I am just interested as it will soon be our turn to see if we have equity available.
I hope you don't mind
abbiesmum2003 wrote:So we had creditors meeting scheduled for Tues 28th Aug.
I havent heard officially from Creditfix (i mean its not like its important or anything....eyes roll!)
But Select rang today to confirm final documents hey need from us to complete the release of the funds-which means the creditors have accepted our equity release funds to complete and end our IVA!
So thats it! Its over! All 60 payments made with the only break being the one written into our plan for my maternity leave in 2013.
I cannot thank this forum enough.
It was a godsend at the start before we decided what to do. A godsend during the journey and a godsend now!
Thank you to each and everyone of you who has helped advise along the way. I would love to thank Mel who set things up from the start to be realistic and liveable. I will never forget crying down the phone at her when she asked about how much i spend on having my hair done and I confessed to not going to a hair dresser for 2 years as couldnt afford treats like that. We had bills of over £1200 a month minimum payments on loans credits cards store cards etc! It was crazy! Mel saved us. Life was miserable and scary.
We had our third child within months of starting and her arrival was what forced us to look at a debt plan. Iva was best thing we did. It has given us a life back. Helped us learn to budget. Plan for future events. Advise the children about managing their finances and spending. Gain control on our spending. Learnt to save, spend only what we can afford and be savvy!
i guess we wait to hear from
Creditfix now and get the much desired completion certificate now!
OMG! Its done!