I took out an IVA with Cleardebt in June 2010 which completed in October 2015. I was then informed that it had been taken over by Aperture. I had already completed a valuation on my house and gave mortgage redemption figures to Cleardebt. As of August 2016 I had heard nothing from Aperture so I contacted them to ask when I would receive my completion certificate. A few weeks later I was told that I'd have to have my house valued etc as they reckoned I hadn't done so whilst with Cleardebt. Finally they agreed that I had done so. The problem I have is with their calculation of the equity available in my house. They used the following figures (this is a joint IVA and a joint mortgage with my wife):
House valuation - £170000
Outstanding mortgage - £137321.67
Somehow this left an equitable share of my property of £11359.54 between us i.e. Greater than £5000 each so an attempt at remortgaging was required or pay another 12 months of payments. They then used a different calculation which is in the IVA protocol. This worked out that we would both have a maximum remortgage of £3589.17 each. Obviously less than the £5000 needed to invoke an extra 12 months of payments.
I've contacted Aperture about this but they have stated that the Protocol is only there for advice. I informed them that Cleardebt issued my with an protocol compliant IVA. They then said that the calculation in the protocol has since found out to be incorrect - even though they have used it themselves!
Has anyone had a similar experience?
Can anyone give me some advice?
I obviously don't want to pay an extra 12 payments if I don't need to.
Many thanks in advance
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