Basically, last year my Iva was due to end subject to equity release clause. Anyhow, the mortgage is joint but the ex, as per divorce 7 yrs ago, is not entitlement to the equity or any thing regarding the house upon £50 per Month for 6 yrs (at time of divorce the equity was negative and I couldn’t remortgage due to Iva BUT if I could then both parties would be liable to pay half the negative equity etc) and therefore the equity is all mine pending remortgaging at the end of Iva. I provided the house valuation and outstanding mortgage to the Iva company and I had £50k equity.
I couldn’t remortgage at the end of Iva for obvious reasons and I also enquired about the amount I would pay back IF I could remortgage as I technically have 100% equity (like explained above regarding divorce) even though the mortgage was still joint with the ex , as per divorce agreement. However, The Iva company still did their calculations based on 50% share which I didn’t really notice or pay attention to at the time and paid for further 12 months.
12 months later and after paying the further 12 months based on the equity release clause, the Iva company are tidying up loose ends before my completion and noticed this conversation I had last year with them about the divorce and having 100% share, and not 50% as originally calculated. Slightly annoyed as it’s now going to a supervisor who may address this with my creditors.
Realistically what can they do because I argued if it’s either 50% or 100% then I would still be bound to the release clause of 12 months. And I still can’t remortgage now anyhow as the Iva is not completed. I am not going in for a 9th year and will argue this point above.
Any advice. There may be some details missing but the most of it is there.
But I think they will blame me for the 50% share calculation instead of the 100%. As I didn’t pay attention to their initial calculations for the equity release and stating staying in for 12 months. TBH I thought it wasn’t a big deal if 50% or 100% as it was not possible to release it anyway. What do you reckon they will try and do? The supervisor or the creditors that is?
kingsh wrote:gr8! That would be 9 yrs in this poxy thing!
What are the chances of them doing this?
Sorry -- I wasn't clear --- they can add 12 months in lieu of equity release ( as per the agreed terms) ... which they already have done. They should not have the authority to add a further 12 months, although, depending on what else they might try to suggest, it might be offered as an option.
As I see it they should just complete the arrangement and go away.
I have spoken with your Supervisor this morning and he has agreed to allow your arrangement to complete. Although there was an after-acquired asset which hadn't been addressed as such, they are happy that the outcome would have still lead to the 12 month extension in lieu of equity, which you have already completed.
Therefore, I have ticked your case through to the Completion Process for you. As part of this process you will receive a PPI Agreement Letter. This is to state you're happy to pay in any future PPI claims into your IVA. It is your choice as to whether you sign and return this document. If you don't then we're unable to complete your IVA until your Supervisor is fully satisfied that all PPI claims have been investigated. Unfortunately we're not able to put a timescale on how long this may take.
If you do sign and return the document the completion process can take up to 3 months but we will send the Completion Letter to you as soon as we're able to.
Thank you and we wish you all the best in the future.
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