My IVA payments stopped 8 mont

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jenny873

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Post by jenny873 » Fri May 10, 2019 3:38 pm
My IVA payments stopped 8 months ago after 6 years now they want us to try and get equity from the house can they do this after all this time

kallis3

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Post by kallis3 » Fri May 10, 2019 4:00 pm
Did your IVA complete? Did you get a completion letter?
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
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Foggy

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Post by Foggy » Fri May 10, 2019 4:20 pm
Yes they can and, if the equity release clause was included in your IVA you should have started the process or, at least prodded them. The IVA contract is between you and your creditors, the IP is only an intermediary / supervisor.

Are you by any chance with Aperture after being transferred to them ?
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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Radish

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Post by Radish » Sun May 12, 2019 11:11 am
IVA's are advertised at 60 affordable payment then debt free - its a shame they don't actually make the consumer aware of the full probable eventualities. Getting to the goalpost and finding out its been change must be frustrating. Think its easier if your know these things in the first place.

I lived in a council house so I never actually had to go through any of this, but if you own your property it's different.
IVA complete March 2014 after 6 years.

abbiesmum2003

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Post by abbiesmum2003 » Mon May 13, 2019 7:51 am
Equity release was very clearly explained to is before we even advanced to a proposal.
I fear that with these big companys and people being in desperate situations the full extent of terms if not being fully explained and like you say people are signing uo for the 60 payments then debt free line without being fully informed and themselves not reading the and understanding the terms in detail. But then our terms were in a HUGE document with goodness knows how many pages which I did sit and read cover to cover. People might not do that when feeling overwhelmed or they might not get the detailed terms that we got and equity ‘brushed over’.
But either way there seems to be alot of posts where equity release is either misunderstood or significantly delayed until after people thought iva was done.
Its difficult for us to say why this is but do think its got worse since large busy companies deal with majority amd probably dont have the time to explain the ins amd outs to eaxh customer like the smaller iva companies used too.

norman

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Post by norman » Wed May 15, 2019 10:41 am
Yes it is Aperture they stopped taking the direct debit last September and asked us to get a valuation and redemption figure which we did and that was it 2 month later my hubby rang them and they said to just leave it for the time being and they will be in touch ,then about 3 weeks ago we had a letter from Select asking us to ring them which we did but after that decided to try get a remortgage ourselves as there is equity in the house ,we have proof we cant get one and have sent that to Aperture this week which they have accepted ,and said we should do extra 12 months payments instead which we agreed to ,now they have said today that Select are dealing with it which we knew nothing about ,our contract says remortgage or 12 extra months can they force Select onto us .

Foggy

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Post by Foggy » Wed May 15, 2019 11:21 am
Wed May 15, 2019 10:41 amnorman wrote:
Yes it is Aperture they stopped taking the direct debit last September and asked us to get a valuation and redemption figure which we did and that was it 2 month later my hubby rang them and they said to just leave it for the time being and they will be in touch ,then about 3 weeks ago we had a letter from Select asking us to ring them which we did but after that decided to try get a remortgage ourselves as there is equity in the house ,we have proof we cant get one and have sent that to Aperture this week which they have accepted ,and said we should do extra 12 months payments instead which we agreed to ,now they have said today that Select are dealing with it which we knew nothing about ,our contract says remortgage or 12 extra months can they force Select onto us .
Select are very fair and much easier to speak with than Aperture. The chances are that they will come up with no remortgage either, but might find a secured loan, which they will tell you about so that you are fully informed, but, with pre 2014 terms, you are not obliged to go down that route. I would also make sure that they are aware that this had already been addressed and settled by Aperture.
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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