Should Credit Fix have told me about remortgage before IVA finished?

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Nige123

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Post by Nige123 » Tue Mar 03, 2020 2:07 pm
Hi,
Just paid my last payment to creditfix.
They told me I have completed term of five years and congratulated me on this.
Now received letter saying we need to remortgage. Should creditfix have contacted me 6 months before IVA finished? please help

Foggy

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Post by Foggy » Tue Mar 03, 2020 3:14 pm
They should have picked it up and started the process, but, at the end of the day, it is your responsibility to comply with the terms of the IVA and you agreed to carry out this valuation / equity release exercise at month 54.

First you need to establish whether the clause will be triggered --- i.e. is there more than £5k equity? If there is I am afraid you do have to jump through the attempting to re-mortgage hoops. If not, and CF agree the IVA has, after all, ended.
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

Nige123

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Joined: Tue Mar 03, 2020 1:15 pm

Post by Nige123 » Tue Mar 03, 2020 4:20 pm
Did not know they’d carried out valuation of home,only got letter 2 weeks ago of valuation,no letter to say they were carrying out valuation

Lisa Thomas

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Post by Lisa Thomas » Tue Mar 03, 2020 4:32 pm
Check your proposals - the onus was on you to provide them with the info at month 54.

It might be worth you obtaining your own valuation to challenge theirs, if you think you can show you have less than £5k (standard) minimum amount of interest.
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk

Shaun Vickery

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Post by Shaun Vickery » Tue Mar 03, 2020 5:34 pm
As you are with Creditfix it's quite possible that you will be referred to us for an independent assessment of your ability to release equity from your property but, as previous posters have said, ultimately it is your obligation to fulfill all of the conditions of the IVA. I'd be quite happy to look into this for you if you would like (if so please could I ask you to let me have your details off-line - you can obtain my contact details by clicking on the experts section on the right hand side). We will, of course, be happy to look at any property valuations you have had done yourself.
Specialist Mortgage Advisers. Highly Commended at the British Mortgage Awards.

For individual, confidential mortgage advice see my details under the IVA Experts or go to http://clients.theselectpartnership.co.uk/
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