Equity calculations with Aperture

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jane181

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Post by jane181 » Tue Oct 23, 2018 2:53 pm
Hi all I had a call from my case manager today after my equity review appeal. They have said that I do not have to re mortgage my property due to there not being enough loan to value equity however will have to do a 6th year of paying £400 per month due to my property equity being 11K. I explained that I am not happy with their method of calculations as my figures on the method provided on the original IVA with Grant Thornton come to 3k so no extra year necessary. He admitted to me that the different methods used are very confusing to clients and also admitted that I am not alone in raising this issue. His defence was a paragraph stating equity worth in appendix 2 ??? I am really not happy to go into an extra year of payments unnecessarily and have now raised a formal complaint. I would be really interested to hear if anyone else has challenged this previously with Aperture and won or am I just fighting a losing battle? :(

Foggy

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Post by Foggy » Tue Oct 23, 2018 3:00 pm
When they started doing this they did back down a few times that we know of. Also mention that you will eascalate the complaint to their regulatory body via the Government Gateway at: https://www.gov.uk/complain-about-insol ... actitioner
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

jane181

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Post by jane181 » Sat Dec 08, 2018 2:30 pm
Hi, I finally received a response from the complaints supervisor today and unfortunately they are not backing down on the extra year. I have made a complaint via the government gateway now but I’m so fed up with it all and not holding out much hope. :(

Jofoste

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Post by Jofoste » Fri Jun 14, 2019 7:45 pm
How did it end for you

jane181

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Post by jane181 » Sat Jun 15, 2019 9:29 am
Hi, I made a complaint to IPA back in December but I am still waiting for the outcome. The last update I had was last month and they were having to write again to clarify how they had come up with the figures they had. My extra year of payments for the equity release will finish this November so I've kind of give up any hope now of disputing this and I'm just counting down until the last payment of what seems like a very long 6 years!!

Foggy

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Post by Foggy » Sat Jun 15, 2019 9:41 am
Sat Jun 15, 2019 9:29 amjane181 wrote:
Hi, I made a complaint to IPA back in December but I am still waiting for the outcome. The last update I had was last month and they were having to write again to clarify how they had come up with the figures they had. My extra year of payments for the equity release will finish this November so I've kind of give up any hope now of disputing this and I'm just counting down until the last payment of what seems like a very long 6 years!!
Athough it can be a frustrating process, well done on complaining about Aperture's insidious interpretations which go against the spirit of the equity release clause as demonstrated by the annex 6 calculation example. More people should lodge complaints.
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

kallis3

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Post by kallis3 » Sat Jun 15, 2019 11:26 am
At least you can see the light at the end of the tunnel now!

I hope your complaint gets sorted soon.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
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