Hi i was never made aware of equity release by dfd and did not know dfd had been taken over by my current ip company. I made my final payment but the payment went through twice. I called them to get a payment returned and it was only then that i was told i now need to try and release equity. I understood by paperwork from dfd x60 payments and be debt free. After asking for a copy of my agreement i see there is an appendix section that i have never seen before regarding equity release. However my argument is it clearly state's equity should be released in the final year and no later than 6 months before the end. Yet my current company took my last payment before they even mentioned this. Is this a breach of contract by my iva company as i see it as beeing 6 months too late as a minimum. In reality i have paid an extra £4000 off my mortgage plus my property could have increased a lot in that final 6 months. Not to mention the lack of disclosure of documents by dfd. My wife would never have agreed to equity release as a joint owner and i wouldn't have either. We would have looked at alternative ways to pay back. Hope this is clear to you and not too long winded. Many thanks.
S
I am afraid that the equity release clause was in your agreement, which you should have read and understood before going ahead. As for the timing, yes, it should have been done at month 54 and it was overlooked by your IP and not picked up by you -- at the end of the day it is YOUR IVA not theirs.
You could go for a failure to adhere to the agreement by your IP -- I imagine the result of this, if not corrected, would simply be the failure of the IVA --- which is something that you do not want ! The IVA is a contract between you and your creditors, failure to attempt to release equity or extend would be a breach by you, not by your IP.
Has anything been done now, regarding equity ? If not, first of all you need to see if the clause is even triggered --- your new firm, I believe, farm out equity investigations to a firm called Select, who apply the rules and criteria very fairly and in accordance with the agreed terms.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Hi foggy thanks for reply. Problem is i believe dfd did not give me all paperwork in my file as when i requested a copy from aperture (my new company) it didnt match what dfd had given me. Also as i said 6 months ago i would have owed £4000 more on my house and it's value may have been less than it is today. Also since the start of my iva i am now earning less today than i was when i started it so can not afford even the payment i have been making. This has put huge stress on my relationship as my wife has been trying to make up the shortfalls due to me being self employed and not bringing in much income. She never signed the iva and is adiment she will not subsidize towards the iva and will not allow an equity release. I suffer from ptsd and the effect on me is staggering. I thought i had made a last payment. I put in a complaint to aperture and they are now telling me it can take up to 8 weeks to sort and even then i may still have to extend for another year. It's effecting my health and relationship having this drag on for so long. Is there a way to retract my complaint and see where i go from there. ? Thanks.
S
Even if they do the valuations today, they must be based on the actual figures at the date the exercise was supposed to take place. Hopefully Select will be used to do this as they are very easy to talk to ( far more so than Aperture) and take a realistic approach.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
