If they do not carry out my review before I make my final payment

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alison132
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by alison132 » Wed Sep 13, 2017 8:32 am
I'm in the 6th and final year of my IVA and in my contract or advises that they will contact me 6 months before the end to carry out the mortgage review to establish if there was more then £5000 equity and of I could of mortgage or pay an additional 12 months of payments. I hadn't heard from the company (my 3rd company and not the original one I signed up with) with 4 months to go. They advised they had missed me and asked me to send in 2 online valuations and my mortgage statement which I did the same day. I have contacted them every week since then which was 11th July. I have one payment left in October and they still haven't carried out my review.
My question Is, given that the contract is legally binding and they didn't contact me with 6 months to go and if they do not carry out my review before I make my final payment, are they in breach of our contract and would the IVA end there?
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Lisa Thomas
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by Lisa Thomas » Wed Sep 13, 2017 8:36 am
I think the IVA is probably worded that the onus was on you to provide the equity information, rather than wait for your IP to ask for it.

I suggest you send them a letter the old fashioned way by registered post and ask for a response to your emails.
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alison132
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by alison132 » Wed Sep 13, 2017 8:44 am
Thank you for your reply. What happens if they don't carry out my review by the time I have made my final payment?

It's so frustrating that I am so close to the end of a very difficult 6 years and I'm just left hanging around. They don't call me back when they say they will, can't always get through to them, they don't reply to emails. It's so frustrating, I just want it to be over!
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Foggy
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by Foggy » Wed Sep 13, 2017 8:56 am
Do you think you will get an extension? If so I would carry on paying. You can only miss three payments before they will fail the IVA --- and waiting for them is not always a defence. The IP is only a supervisor and the onus is on you to run your IVA, or at least be seen to be trying to ... keep badgering and keep copies of correspondence. An old fashioned letter, direct to the IP by recorded deivery, is always a good move.
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alison132
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by alison132 » Wed Sep 13, 2017 9:10 am
I honestly have no idea. Depending which valuation they use one is less then £5000 equity but the other is £10,000 although given the value of property in my area that one is way over valued!

I've never missed a payment in the 6 years I've been paying so I don't want to go down that road. It's just stressful really given I've done everything they've ever asked of me yet they don't extend the same curtosy.
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Foggy
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by Foggy » Wed Sep 13, 2017 9:59 am
alison132 wrote:
I honestly have no idea. Depending which valuation they use one is less then £5000 equity but the other is £10,000 although given the value of property in my area that one is way over valued!

I've never missed a payment in the 6 years I've been paying so I don't want to go down that road. It's just stressful really given I've done everything they've ever asked of me yet they don't extend the same curtosy.


Yes,I am afraid it doesn't always cut both ways and some firms seem oblivious to the impact these things have on day to day life !
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alison132
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by alison132 » Wed Sep 13, 2017 10:01 am
I can honestly say after 6 years I wish I'd never got the IVA!
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