IVA finished - now may have to remortgage??

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jacqueline138

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Post by jacqueline138 » Tue Mar 05, 2019 3:06 pm
We finished are IVA in Sept 2018. And we r still waiting forare certificate. 6 month on. I have just spoke to someone on the iva team and thay said we my have to remortgage. How is this when we have finished paying them. Thay said that would contact use at 52month before are payment have finished. It now 66month altogether. Can someone advice me please

Foggy

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Post by Foggy » Tue Mar 05, 2019 3:32 pm
Although they are remiss in not contacting you, it is your responsibility to adhere to the terms you agreed to. The equity release exercise was not carried out at the correct time, but has to be carried out now to see if the clause will be triggered and dealt with accordingly: this might be by way of equity release, if you are able to find a lender, or by way of an extension of 12 extra payments, if not.
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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Lisa Thomas

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Post by Lisa Thomas » Tue Mar 05, 2019 4:33 pm
You need to check your proposals and any modifications agree to Most 'standard' IVAs have a clause that your IVA be extended for 12 months in lieu of the equity.

See my short video here for more details:

https://youtu.be/PHfc85n39U4

You may also want to get a valuaiton and redemption statement as at month 54 to see if the clause kicked in (assuming you have it)
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk

Stevedgn68

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Post by Stevedgn68 » Mon Mar 11, 2019 5:00 pm
Tue Mar 05, 2019 3:06 pmjacqueline138 wrote:
We finished are IVA in Sept 2018. And we r still waiting forare certificate. 6 month on. I have just spoke to someone on the iva team and thay said we my have to remortgage. How is this when we have finished paying them. Thay said that would contact use at 52month before are payment have finished. It now 66month altogether. Can someone advice me please

We have a similar issue.

We have a property which has approximately £250k equity on a house valued at £500k. This might sound like we're rich and that could easily be released to clear the IVA. However, we already have 2 mortgages totalling over £250k.

If we try equity release the mortgages (understandably) have to be cleared first and as the Equity Release firms (eg Age Partnership) will only offer £200k max this will not even release enough to clear the mortgages and will not be allowed by the existing mortgage holders and would not release any "net" funds for the IVA.

If we look to remortgage, I am 65 and my partner is 77 and we will be looking to remortgage £250k and from initial conversations his will be totally unviable.

Does anyone have a view about how this situation might be viewed? BTW - I have the massive misfortune of being with Aperture which means I can never speak to anyone.

Foggy

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Post by Foggy » Mon Mar 11, 2019 5:39 pm
Steve -- From what you have said it looks to me as though you will be getting the 12 month extension, rather than remortgage, due to the current mortgagors objections and your ages.
Aperture might appoint Select to have a look for you and they might well come to the same conclusion ... however the hoops do have to be jumped through.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

kristian

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Post by kristian » Mon Mar 11, 2019 11:56 pm
Aperture done the same to us, told us our iva was complete and the certificate would be posted out 3-6 months from final payment. Six months later no certificate and a phone call later it transpired that we hadn't addressed the equity issue from 12 months previous that they hadn't contacted us about. I didn't contact them as our iva was worded that they may contact us in the last 6 months but not definitely, due to nobody getting a further mortgage while in an iva a assumed they didn't bother chasing this up anymore until 12 months later when we were due our completion certificate only to be told when asking why it hadn't turned up yet that we "needed to address the equity issue" and they couldn't explain why nobody from Aperture was in touch 12 months previous to do this. So couldn't get equity release and got a 12 month extension instead so hopefully 1st of July will be our last payment but you just never know with Aperture because they don't....

Foggy

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Post by Foggy » Tue Mar 12, 2019 7:46 am
Mon Mar 11, 2019 11:56 pmkristian wrote:
Aperture done the same to us, told us our iva was complete and the certificate would be posted out 3-6 months from final payment. Six months later no certificate and a phone call later it transpired that we hadn't addressed the equity issue from 12 months previous that they hadn't contacted us about. I didn't contact them as our iva was worded that they may contact us in the last 6 months but not definitely, due to nobody getting a further mortgage while in an iva a assumed they didn't bother chasing this up anymore until 12 months later when we were due our completion certificate only to be told when asking why it hadn't turned up yet that we "needed to address the equity issue" and they couldn't explain why nobody from Aperture was in touch 12 months previous to do this. So couldn't get equity release and got a 12 month extension instead so hopefully 1st of July will be our last payment but you just never know with Aperture because they don't....
NEVER assume anything in an IVA -- especially when down to inaction by Aperture. Although they couldn't explain it, it is a common theme these days, and coincidental to their large scale acquisitions of other firms caseloads combined with under resourcing and clumsy case management. It happens every time !
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk
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