No contact from IVA company

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cobby1994
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by cobby1994 » Tue Oct 16, 2018 9:43 am
we made our last payment on our 5 year iva in January this year (2018). heard nothing from what so ever until 1 month ago when i contacted them to ask what was happening as we had been paying for 5 years and they had not been in touch for months and months! was told via email that i needed to see if i could re-mortgage to free up any equity to pass to them, so i got in touch my our mortgage provider who instructed us that this wasn't something they would allow us to do. i went back to who we have the iva with and informed them of this nearly 2 weeks ago and ive heard nothing AGAIN from them, they are useless. I have since emailed them a further 3-4 times asking what happens now and they will not reply. i have been in touch with citizens advice regarding this too. we are just left in the dark regarding our iva and havn't made any payments for 9 whole months. what can i do as not sure if we have to pay a further years payments because we cant re-mortgage, if so we could of been paying this for the last 9 months! HELP
stanley2018
Posts: 13
by stanley2018 » Tue Oct 16, 2018 9:49 am
Which company are you with buddy? ?
stanley2018
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by stanley2018 » Tue Oct 16, 2018 9:51 am
I finished mine after 6 years but don't own a property.
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Foggy
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by Foggy » Tue Oct 16, 2018 10:00 am
First, you should have not stopped payments without the agreement of your IP. The equity situation should have been addressed at month 54 and, in the absence of any action by your IP, it is your responsibility to have carried out what was agreed in your proposal --- if the IP fails to respond, at least you could then demonstarte that the fault lay with your IP if they tried to fail the IVA.

I would try to lodge a formal complaint, addressed direct to your IP, by recorded snail mail (keeping copies). If this brings no meaningful response you can then escalate to their regulatory body via the Government Gateway at : https://www.gov.uk/complain-about-insol ... actitioner

In the meantime read up on your equity release clauses, so that you can challenge anything amiss and also work out if the clauses are, indeed, likely to be triggered in any case.
cobby1994
Posts: 15
by cobby1994 » Tue Oct 16, 2018 10:11 am
stanley2018 wrote:
Which company are you with buddy? ?

we are with Freeman Jones :-(
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kallis3
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by kallis3 » Tue Oct 16, 2018 10:14 am
We do have a rep from there on here so hopefully he will pick up on this.
cobby1994
Posts: 15
by cobby1994 » Tue Oct 16, 2018 10:16 am
Foggy wrote:
First, you should have not stopped payments without the agreement of your IP. The equity situation should have been addressed at month 54 and, in the absence of any action by your IP, it is your responsibility to have carried out what was agreed in your proposal --- if the IP fails to respond, at least you could then demonstarte that the fault lay with your IP if they tried to fail the IVA.

I would try to lodge a formal complaint, addressed direct to your IP, by recorded snail mail (keeping copies). If this brings no meaningful response you can then escalate to their regulatory body via the Government Gateway at : https://www.gov.uk/complain-about-insol ... actitioner

In the meantime read up on your equity release clauses, so that you can challenge anything amiss and also work out if the clauses are, indeed, likely to be triggered in any case.


We never stopped paying, our direct debit is still set up in place THEY stopped taking payments from out of our bank as our original 5 years was up. We have already sent them a copy from our Mortgage provider showing that we tried to re-mortgage to release equity but are unable to do so. There is no fault at our end, we have done everything asked of us.
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Lisa Thomas
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by Lisa Thomas » Tue Oct 16, 2018 10:36 am
Instead of an email, send them a letter of complaint by registered post and include copies of all of your previously unanswered corres.
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Foggy
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by Foggy » Tue Oct 16, 2018 10:44 am
cobby1994 wrote:
Foggy wrote:
First, you should have not stopped payments without the agreement of your IP. The equity situation should have been addressed at month 54 and, in the absence of any action by your IP, it is your responsibility to have carried out what was agreed in your proposal --- if the IP fails to respond, at least you could then demonstarte that the fault lay with your IP if they tried to fail the IVA.

I would try to lodge a formal complaint, addressed direct to your IP, by recorded snail mail (keeping copies). If this brings no meaningful response you can then escalate to their regulatory body via the Government Gateway at : https://www.gov.uk/complain-about-insol ... actitioner

In the meantime read up on your equity release clauses, so that you can challenge anything amiss and also work out if the clauses are, indeed, likely to be triggered in any case.


We never stopped paying, our direct debit is still set up in place THEY stopped taking payments from out of our bank as our original 5 years was up. We have already sent them a copy from our Mortgage provider showing that we tried to re-mortgage to release equity but are unable to do so. There is no fault at our end, we have done everything asked of us.



Did you do a valuation exercise to see if the clause would be triggered ? If you have less than £5k then there would not be an extension, nor a requirement to release.
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Foggy
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by Foggy » Tue Oct 16, 2018 10:47 am
Ian Williams from Freeman Jones often steps in for forum members and gets things sorted --- If you drop an email to ian.williams at FreemanJones.com I am sure he will be in touch.
cobby1994
Posts: 15
by cobby1994 » Tue Oct 16, 2018 11:00 am
Foggy wrote:
cobby1994 wrote:
Foggy wrote:
First, you should have not stopped payments without the agreement of your IP. The equity situation should have been addressed at month 54 and, in the absence of any action by your IP, it is your responsibility to have carried out what was agreed in your proposal --- if the IP fails to respond, at least you could then demonstarte that the fault lay with your IP if they tried to fail the IVA.

I would try to lodge a formal complaint, addressed direct to your IP, by recorded snail mail (keeping copies). If this brings no meaningful response you can then escalate to their regulatory body via the Government Gateway at : https://www.gov.uk/complain-about-insol ... actitioner

In the meantime read up on your equity release clauses, so that you can challenge anything amiss and also work out if the clauses are, indeed, likely to be triggered in any case.


We never stopped paying, our direct debit is still set up in place THEY stopped taking payments from out of our bank as our original 5 years was up. We have already sent them a copy from our Mortgage provider showing that we tried to re-mortgage to release equity but are unable to do so. There is no fault at our end, we have done everything asked of us.



Did you do a valuation exercise to see if the clause would be triggered ? If you have less than £5k then there would not be an extension, nor a requirement to release.


there is more than £5k equity at the moment.
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Lisa Thomas
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by Lisa Thomas » Tue Oct 16, 2018 11:37 am
Is it materially more than £5k and is that just for your share or joint?

Is that based on an actual valuation?

If so then it's likely the 12 month extension will apply and you have 12 more payments to make...
cobby1994
Posts: 15
by cobby1994 » Tue Oct 16, 2018 12:12 pm
Lisa Thomas wrote:
Is it materially more than £5k and is that just for your share or joint?

Is that based on an actual valuation?

If so then it's likely the 12 month extension will apply and you have 12 more payments to make...


Its a joint mortgage and joint iva, Freeman Jones use a certain site apparently they use for realistic valuations, its probably about right to be fair.
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Freeman Jones
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by Freeman Jones » Tue Oct 16, 2018 1:47 pm
Thanks Cobby1994 (and thanks Foggy).

First of all I apologise that we seem to have dropped the ball here. Please do email me via ian.williams at freemanjones.com and I will investigate for you.

I look forward to hearing from you,

Thanks,


Ian
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Lisa Thomas
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by Lisa Thomas » Tue Oct 16, 2018 2:03 pm
cobby1994 wrote:
Lisa Thomas wrote:
Is it materially more than £5k and is that just for your share or joint?

Is that based on an actual valuation?

If so then it's likely the 12 month extension will apply and you have 12 more payments to make...


Its a joint mortgage and joint iva, Freeman Jones use a certain site apparently they use for realistic valuations, its probably about right to be fair.


Is the equity figure of £5k the total equity in the property or is that just your (assumed) 50%?
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