I have just spoken to my IVA people ( Payplan) and do not seem to be able to get a straight answer from them.
My position is. that in ten days I will have completed my five years, never missed a payment.
They have written to me saying that there is no interest in the small equity in the house so I must pay another year 12 months payments in lieu of equity.
My daughter has said that she will pay the full 12 months off in full in one go.
I have written to Pay plan authorizing them to approach my creditors with her offer enclosing a letter of that offer from my daughter
Pay plan say that they will need four months to come back to her with an answer. They admit they have all the paperwork and information they need.
My questions are.
Why should it take so long?
Is there a time frame they have to work to to do this?
When I questioned the time frame they seemed to be evasive and unhelpful. What are my rights?
As they have said they do not want the house. Do I have the right to have the lien removed from my property that they registered with the Land Registry five years ago?
Failing that. If they take their money am I entitled to have it removed immediately then?
Any advice would be welcome. I did contact the Insolvency Agency for advice but I was given none other than speak to Pay plan. They are not a lot of help as I have said.
Thank you in advance for your help.
All you can do is invoke their complaints procedure -- which you have to do before you can complain to their regulators. Neither is likely to speed them up as they believe they are fireproof !
When you say "little equity" ... how much equity are we talking ?
Thanks for answering. I think it was under five at the end of the day plus because of my age and income I am not able to refinance.
Why? Do you think they will do a U turn on their decision that the house is not of interest because my daughter is offering to end it?
I have it in writing that it is not plus the final year ending 08/05/2018 has been set up.
Another thing that has come to mind. During my conversation with Pay plan I am sure it was mentioned that because it was now payments in lieu the supervisor could accept the offer. Presumably that would negate the need for a meeting.
Is that true?
Payments in lieu can be accepted -- but they will not bring the arrangement to an early close --- Payplan will merely apply the monthly amount each month until the end, so you will have gained nothing, time - wise and still be under the terms of the IVA as previously agreed.
Sorry just checked it was more than five thousand.
I may not have explained it too well.Because they did not want the house. they said that they wanted an extra twelve payments. That extra twelve months of payments they wanted was termed in the letter as in lieu of equity.
My daughter has offered all twelve of those payments in a lump sum as full an final settlement of my IVA.
You might well want to get a current valuaiton to confirm this - if you can prove you have less than this then the extension will not apply and your IVA can finish now. It's very important that you establish this point otherwise you could end up paying for another year when it is not necessary.
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