Hi.Our IVA has been sold on twice, now with Vanguard. We are in the last few months of the agreement (6 years) and now want us to use their mortgage people to remortgage etc. However in our original documents this should have taken place in year 4 and we would get mortgages quotes etc. Question is: Are Vanguard in breach of original terms and conditions? If so, what can we do?
As far as I am aware they should stick to your original conditions. Just get your house valued and a couple of rejections and I don't think they can do anything about it.
Sharing from experiences of dealing with debt
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The terms are loosely worded, ofte, to say that you agree to carry out the remortgage excercise, not the IP -- so, no, they are not in breach but they could argue that you are. However, it is being dealt with now, rather later than is ideal, so will al come out in the wash. As Kallis says, the actual process will depend on what you actually agreed to do ---- usually it just says that you are to carry out two applications and present proof of rejection. If that is the case they cannot force their company of lenders on to you. Also, if they have used the 2014 Protocol or earlier, the thibg has to be a remortgage .. not the secured loan they might try to suggest you have to take out --- a remortgage and a secured loan are not the same thing.
That all said -- it is often easier to let their firm do the invesitigation to at least get a look at the choices you might have --- then argue the point if you do not agree with the figures or proposed course of action.
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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