IVA with Aperture

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lee754
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by lee754 » Wed Aug 29, 2018 2:17 pm
Good afternoon. I have just completed my 60th payment (27/08). I was originally with Debt Free Direct but have been handed over to Aperture. However, I've had to do all the chasing as I only received a letter to inform me of the switch and I've had no further correspondence. Over the phone in June this year, I was told that I would more than likely have to go into the 6th year as I won't get a re-mortgage. We have equity of approx 100k once all debts are cleared. This has built up over the 5 years when the equity was next to nothing. I have maintained all my payments. I am married but I am the only one named on the IVA. Am i right in thinking that I should have received something formal from Aperture that the 6th year of payments is taking place? They did ask for, in the phone call in June, for mortgage statement, secured loan statement, council tax bill but I've had no request for an income and expenditure. They also asked for a property valuation and a letter of decline for a remortgage - neither of which I've done yet. It all seems a bit shabby to me and feel as if I'm just floating in thin air. Another point I'd like to ask is this - we would like to move house to get closer to my wife's work as our oldest daughter has now left home ( visits weekends ). Could I offer a full and final settlement amount ( bearing in mind my potential share of equity ) to get out of this mess, or would that be a silly idea because of the share of equity they may want, and would we be better off sitting tight? Bearing in mind the lack of communication from Aperture, I could be throwing money to anyone. Thanks for any help - Lee
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Foggy
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by Foggy » Wed Aug 29, 2018 2:47 pm
Sorry to be blunt, Lee, but you have not given them the paperwork they asked for and yet expect them to come to you with an answer to the equity problem without being in full possession of the information they had asked for.

No two ways about it -- equity has to be addressed. It may be that they will want you to release some -- you need to prove, as asked, that you cannot. The alternative is that they will ask their own mortgage experts to look for a remortgage for you (and they might be successful, given the amount of equity there).

You could offer a F&F including the extra 12 months and they might leave it at that --- but they may still want the equity position looked at. If you can scrape together 12 months payments for the F&F, make the offer without mentioning the possible equity or the missing paperwork ... let them think about that, they will ask if they are concerned about it.

Moving house at the moment will be problematic ---- you will not get a fresh mortgage for a while and renting will also be a problem with your shot credit score. I would say to stay put for a short while and tackle one problem at a time.
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lee754
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by lee754 » Wed Aug 29, 2018 3:12 pm
Thanks foggy - yeah, I do agree with you regarding the info I haven't sent. It was a very quick call that I instigated or I wouldn't have heard a thing from Aperture. I understand I have a responsibility to help them along and provide what they need but I've not been kept up to speed with anything. I thought I'd have had at least a letter from them confirming the clause going in to the 6th year or prompts via letter with what I needed to do - maybe I'm asking too much? I've got the info to send so I'll do that ASAP. I think you're right regarding the F&F amount. I'm posting £202 / month at the moment. With the equity I / we have I thought of putting an amount forward for the 12 X £202 + ???? (open to a suggestion on that from the equity) to settle and be able to move on. Not sure if I'm being unrealistic or stupid or both really mate? In the 5 years I've been in the IVA, I've been really surprised at the lack of correspondence other than for the income and expenditure, one year of which they lost in the office. Regarding a mortgage, I know I can't get one until I've been issued with a certificate or a few months after, but I was wondering if my wife could get one even if she's associated with me. We'd like to downsize size of outgoings you see to free up more money per month. Would you think that a possibility? Thanks ever so much for replying mate - Lee
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kallis3
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by kallis3 » Wed Aug 29, 2018 3:46 pm
If your wife is associated with you, her credit rating is not going to be good. If you sell your house (you'll need the restriction lifted) and any money made will need to be paid across to your IVA until you reach 100p in the pound plus fees and possible statutory interest. Anything left over will be yours.
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Foggy
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by Foggy » Wed Aug 29, 2018 4:00 pm
Most, nearly all, F&F offers are based on the outstanding amount of agreed payments (including 12 for equity if applicable). Only a few add more to sweeten the deal. Creditors can be a fickle bunch and I have seen generous offers refused .... but I have also seen low ones accepted. They are expecting from you, in the region of £2.5k ( a few quid less in fact), assuming the IVA was for 5 years initially and the only thing outstanding is the equity year. A variation meeting will add about £500 to the fees bill, so, with only the year left they will not be looking at any savings to be made on their admin costs. Maybe sweeten them up by offering £2.5k to cover the 6th equity years payments plus offer to add to cover £500 of the variation fees.

Aperture are well known for lack of communication and, I am afraid, this has been made worse by them recently acquiring a large number of cases from smaller firms, causing an overload and a log jam at their end. Not an excuse .... just what it is.

On the mortgage front, althought your wife's credit score will not be as battered as yours, because of your financial association any lender might also search your history. Lenders are very wary of single applications where there is more than one adult living in the property. We have a couple of mortgage experts with experience of adverse credit .. might be worth having a chat. Their details can be found here and they can be contacted using the links in their profiles:

Ryan: memberlist.php?mode=viewprofile&u=18488

Shaun: memberlist.php?mode=viewprofile&u=22837
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lee754
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by lee754 » Wed Aug 29, 2018 4:30 pm
Thanks again for your advice Foggy - very much appreciated. Could I just clarify what you've said though please mate?
Regarding £2500 offer which is roughly my last 12 payments, would you suggest offering over and above that (say another £2.000 plus the £500 variation fees?) or would they want a much bigger lump of the equity as it's there? Hope that makes sense?
Regarding a single application mortgage - I may well just ask the question as she'd only be looking at a relativity/in comparison lower mortgage of around £100k compared to our current commitments. I'm not really sure if it's worth the hassle for the sake of a year and then the lull waiting for the credit to get built back up for me??
I understand the sortie Aperture predicament. I've never pestered anyone whilst in the IVA - I've just trusted everyone and been grateful for the help at such a stressful time, one in which I had little choice in and even less avenues out.
Thanks again Foggy - Lee
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Foggy
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by Foggy » Wed Aug 29, 2018 4:35 pm
It is up to you if you wish to offer more. If it were me I would offer the £2,500 plus the extra fees, so £3k on total, so they are, effectively getting what they signed up for.

Of course, offering, say, £5,000 is more likely to tempt them to shut up and say "yes" !
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kallis3
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by kallis3 » Wed Aug 29, 2018 4:43 pm
Do you have a deposit to put down on another property?
VANNYJ
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by VANNYJ » Thu Aug 30, 2018 11:53 am
Hello, my IVA was bought out by Aperture. I have past the 5 year mark and I am into the sixth year as I couldn't raise any money via extending my mortgage, I sent them the valuation and the rejection letter from the mortgage company - up to this week I have heard nothing, but they have continued taking my payments (3 months into the extra 6th year). This week I received a letter saying my account was not up to date as they had not received the valuation and rejection letter ....... I had sent them to the e-mail address they gave me in an e-mail to me!!!!! I haven't slept for four nights, even though I have spoken to them - don't feel comfy with their replies or answers. I have resent the valuation and rejection letter to a further e-mail address they have given me.

I am thinking of trying to offer them a FFS I have 10 payments left as I missed two payments over the last 5 years - £344 a month so was thinking of trying to offer £3500.

I just need it to end now.
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Foggy
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by Foggy » Thu Aug 30, 2018 11:59 am
That sounds like a reasonable offer -- but time is against you. It normally takes a couple of months to arrange ... some take longer. Remember to put in the offer that the amount of the lump sum will reduce by the payments made by you in the meantime (unless you wish these to further increase the offer -- but this could mrsn costing you extra for no good reason).
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lee754
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by lee754 » Thu Aug 30, 2018 1:39 pm
Thank you foggy for your help. It's made things a bit clearer though as you say time may be running out although I'm taking it as read that I'm going in to the 6th year as this was, as the agent at aperture said, "a possibility" and I've had nothing from them to confirm anything. It's all been verbal! I'd be relatively happy to offer an amount on top of what I'm paying in monthly installments as my debt was quite high compared to what I'll actually pay back - I think it shows I care as I do to be fair. It's a horrible position to be in. Thanks again Foggy - you're a star!

Thanks Vannyj for your letter. Yeah, I know I'm not the only one who's having correspondence issues with Aperture. I just find it frustrating that with the seriousness of the situation I'm in that the passing of information would be slightly more watertight and punctual, not least to mention informative. In 2 years I've spoken to them twice and I've asked for various bits of info and advice but it's never arrived and they try and cut the conversation dead, as if they're not really listening to what is quite a stressful part of your life. I don't give them war and peace (like I am here). I appreciate they're snowed under and I am patient (mainly due to embarrassment of my situation) so I trust them to help me but I can't help feel that I'm going to get a crushing letter or phone call at some point just to derail something that I think is going quite well.
I'm seriously thinking of the F&F settlement option even if it costs me a few quid, even if it's a genuine option as when I've asked them, I've got no real response - like I was asking them how much a new set of tyres were? Hence my post on here.
Thanks to everyone so far and any further help and advice will be gratefully received.
Lee
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