I thought I had finished my iva

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lin687

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Post by lin687 » Wed Dec 04, 2019 5:55 am
I thought I had finished my Iva 21st feb 2019 I have been waiting for my certificat to say I was free!!
unfortunately I got a letter asking for the equity out of my house!!
I have been the cab who were fab they called them up and the Iva firm said that they sent me a letter in March but didn’t have a letter on file and I haven’t received a letter!! they said that this is as much my fault as I should have contacted them but as they stopped the payments I presumed that was it!! And in my agreement it says they would contact me 6 months befor my Iva was up!!
Now I have had to show them my out going I’m a single mum of 3 children I never had a penny off there dad who got me in to this mess if they make me re mortgage my home I’ll end up losing it as I struggle each month I work part time and juggling work an the kids is a nighmear in itself! The father refuses to have anything to do with the children so I’m there sole care x

Foggy

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Post by Foggy » Wed Dec 04, 2019 8:08 am
They can say it is as much your fault --- they are, to a degree correct. But, it is also theirs ( as they know being on the defensive right away!). The chances are that you will get a 12 month extension IF there is more than £5000 equity. If there isn't enough equity it will end.
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

Lisa Thomas

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Post by Lisa Thomas » Wed Dec 04, 2019 10:38 am
Have you valued the property and established how much equity you have?

The onus was likely to be on you at month 54 to have the property revalued and provide them with the details. Have a look at your proposals and any modifications.
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk

kristian

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Post by kristian » Wed Dec 04, 2019 11:11 am
I too was in the same position no contact from my Iva company (Aperture) 6 month before the end. Asked to submit my income/expenditure for a final review,1 month later I contacted them a to confirm they had received my info and was asked to make an additional payment to close Iva which I paid was congratulated on my final payment and told I could wait between 3-6 months for completion certificate. Contacted them 2 month later for update told it was progressing would definitely receive certificate before 6 months was up. Contacted 2 month later after receiving a letter telling me I was in arrears told to ignore it as it was an error and was still on to receive certificate. 6 month came no cert so I contacted them to be told I needed to address the equity issue I asked why nobody from Aperture had contacted me 12 months prior they couldn't explain why, couldn't remortgage got a 12 month extension.

So fast forward to today I completed extension over 5 month ago awaiting outcome of final review again been warned that due to additional income over the last 12 months this may affect the outcome but they shouldn't be reviewing my last 12 months income if they had done there job properly in the first place it would have been 2017/18 income!
Aperture absolute shambles!

lin687

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Post by lin687 » Wed Dec 04, 2019 1:22 pm
Well today i have received a letter off a specialist mortgage company askin to contact them over my property I do think there is equity in the property and more than 5000 but not a clue how much can they re morgage for more than the oridginal det and it anoyes me that they have never chased the ex who has been able to get on with his life and not pay a penny but afford a new house and a thriving electrical business! So scared they will take the money out the house and my mortgage payments go up I struggle now 3 kids and working part time feel like it’s never ending!! Will there ever been light at the end of the tunnel thanks xx

Foggy

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Post by Foggy » Wed Dec 04, 2019 1:27 pm
If you have been contacted by Select, they will make sure that anything they come up with will be affordable. Any monthly payment towards extra lending cannot be more than half the current IVA monthly payment, and would possibly be less due to income levels.
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

lin687

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Post by lin687 » Wed Dec 04, 2019 1:40 pm
Foggy thanks very much for your reply! X that’s my problem I pay £120 a month now an struggle I had no life while I been on Iva I feel trapped and can’t wait to be free my dad has a solicitor looking at my paper work as it does say the max payment release omfrom the property would be £1100 but then in writing it says that they can re mortgage to release equity from the property the lady who took my Iva told me that I’d prob have to pay an extra year cos I’m a home owner! I didn’t realise they would put me in more det an that I’d financially struggle for many more years x

lin687

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Post by lin687 » Wed Dec 04, 2019 1:58 pm
Kristen thanks for your reply I can’t wait for the day this is all over glad yours has finally come to an end and you will be able to get on with your life!! I hope that I can just continue paying for the year if not I don’t k ow what I’ll do if they put my payments up!! I’m in all this mess cos of my violent ex he wouldn’t move out the house or sell it as it was his way of still controlling me!! He rang my mum up after 6 months said when is she coming bk!! Never!! I’d told the bank I had moved out gave them my new address I’d payed the mortgage for a full year alone with him living in the house I ended up going the bank with him and they weren’t much help they said that I couldn’t signe it to him but he could signe it to me!! He wouldn’t do it so I told him he can pay the morg alone from now on!! He did pay for a while then stopped paying in this time I had bought my house in on today the first letter I got was off a solicitor saying that the house had been auctioned and there was outstanding negative equity in the property 40 grand! I then took out Iva to start paying this back he has since bought a new house and started up a business while I’m left picking up the pieces!! Hope there light at the end of this tunnel xx

lin687

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Post by lin687 » Wed Dec 04, 2019 2:04 pm
Hi Lisa thanks for your reply yes I think there is equity in my property! I owe 68 and recon I’d get 100 for it! I’m absolutely devastated but I do t know this for sure yet I’ll just have to wait and see I hope that they will see how much I struggle but I have never missed one payment! I rangg the bank today they said that the set had been squashed and the bank wouldn’t pursue me for any more money! So it must be the Iva who are pursuing this!! I really don’t want to lose the kids home! As a single parent I’m so scared for the outcome I just need this all over with xx

Lisa Thomas

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Post by Lisa Thomas » Wed Dec 04, 2019 2:22 pm
If it is determined that your interest is worth more than £5k you are likely to have your IVA extended for 12 months worth of more contributions.

Have you had your own valuation carried out by an estate agent?

Have you ordered a redemption statement from your Bank?
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk

Foggy

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Post by Foggy » Wed Dec 04, 2019 4:36 pm
Wed Dec 04, 2019 2:04 pmlin687 wrote:
Hi Lisa thanks for your reply yes I think there is equity in my property! I owe 68 and recon I’d get 100 for it! I’m absolutely devastated but I do t know this for sure yet I’ll just have to wait and see I hope that they will see how much I struggle but I have never missed one payment! I rangg the bank today they said that the set had been squashed and the bank wouldn’t pursue me for any more money! So it must be the Iva who are pursuing this!! I really don’t want to lose the kids home! As a single parent I’m so scared for the outcome I just need this all over with xx
Yes, it is the IVApursuing this -- it is a standard thing for all homeowners in an IVA, you are not being singled out and you did agree to it at the start. Try not to worry or over-think at this stage --- wait and see what is suggested first.
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 » Wed Dec 04, 2019 6:11 pm
I agree with Foggy - wait and see what is going on. Have you checked your paperwork?
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

lin687

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Post by lin687 » Wed Dec 04, 2019 6:24 pm
Hi guys yes I have someone going over all the paper work I haven’t a clue! I’d just hate to have to move back in with my parents and the 3 kids I k ow if they charge me more than £120 a month I wouldn’t afford I can’t really afford to pay that we just have to go with out! Cos I thought my Iva I think my dad would give me money as he can see how stressed I been over all this I have had shingles 9 times in the past years an half worrying over this Iva x

kallis3

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Post by kallis3 » Wed Dec 04, 2019 8:59 pm
Can your dad give you money to do a full and final agreement.
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

lin687

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Post by lin687 » Wed Dec 04, 2019 9:17 pm
I think he would as he can see how stressed I have been I wouldn’t know how to go about it if I just ring up the Iva an say for an extra 12 payments would be £1440 not sure how much they would want or if they would want to go down the rout of re mortgaging me!! I just don’t think if they see how much I pay out that it wouldn’t be feasible for me to re mortgage that’s what I’m hoping anyway x
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