68 years old pensioner, IP refuses to consider F&F as i did not re-mortgage....

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pete
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by pete » Wed Jul 26, 2017 12:36 pm
I am coming to the end of 5yrs in an IVA. I am fully paid up. My account manager is asking me to try to re-mortgage so that I can be discharged. I am a 68 years old pensioner and am clearly unable to re-mortgage. The manager is insisting that I still try to re-mortgage so that I can produce a note of refusal, even though he knows the exercise is futile. About 6 to 8 months ago I made an offer to pay off the debt ( with funds from a relative) but the manager refuses to pass this offer on the creditors because I haven't complied with his request that I attempt to re-mortgage. I have looked at the statements and it is obvious that the creditors only get a very small proportion of the amount that I have paid in, the rest being taken in managers' fees etc. what is my best course of action?
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Foggy
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by Foggy » Wed Jul 26, 2017 12:43 pm
I am afraid that the best course of action at this time is to comply --- even in futile cases most IP's expect you to honour the agreement and attempt to re-mortgage.

This is on the assumption that you agree there is more than £5k equity potentially available.

As for his refusal to put your earlier offer to creditors .. he was in the wrong there. It is not his place to refuse to forward an offer, although he will put his recommendation to it and can sway the creditors to refuse if he doesn't agree. So you have grounds for a complaint there, should you be so minded. Normally in F&F offers the assumption is that you would get a 12 month extension and this is catered for in the amount offered -- however the arrangement proceeds equity does have to be dealt with, one way or another.
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Lisa Thomas
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by Lisa Thomas » Wed Jul 26, 2017 2:17 pm
I agree with Foggy - you will have consented to deal with the equity position in your proposals so need to cooperate or at risk of breaching and failing the IVA.

Also as Foggy points out whether the extension will apply or not will affect your settlement albeit it is too late now (unless the extension applies then you can offer an F&F for the last year)
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Ryan
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by Ryan » Wed Jul 26, 2017 2:48 pm
Hi Pete,

If you contact my Office and ask for Mike we will do you a letter saying that you are unable to re-mortgage which should be sufficient for your IP.


Regards
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Lisa Thomas
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by Lisa Thomas » Wed Jul 26, 2017 3:32 pm
Ryan that's really useful - Pete I suggest you take him up on his offer!
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Ryan
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by Ryan » Wed Jul 26, 2017 3:51 pm
Thanks Lisa,

Pete has already called and the letter is on it's way.
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luluj
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by luluj » Wed Jul 26, 2017 11:35 pm
Great to see the support of the firum experts in this matter - hopefully this will allow the matter to positively move forwards now.

Your f&f offer should have been put to creditors for them to decide - as foggy said it is not your IPs decision however much they believed it was not going to be accepted.

Keep us up to date with how things progress now.
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