Hi, We are in month 57 of an iva and are having a nightmare with the equity release with aperture formerly Grant Thornton. Due to an error they had not progressed the equity release process I contacted them and emailed only to be told it will be a further 6 weeks. This will take us near our 59 th payment. Their calculations for the equity release seem incorrect to me. They calculate
House value 170000 minus 136000 mortgage minus 3.5% meaning we have a lot of equity. I calculate it with the ltv meaning we have approx 7000 so no more payments !. They’ve also said it’s not 5000 each de minimus but me and my partner have signed separate Iva’s stating 5000 each. Totally confused I am.
Lynny wrote:Hi, We are in month 57 of an iva and are having a nightmare with the equity release with aperture formerly Grant Thornton. Due to an error they had not progressed the equity release process I contacted them and emailed only to be told it will be a further 6 weeks. This will take us near our 59 th payment. Their calculations for the equity release seem incorrect to me. They calculate
House value 170000 minus 136000 mortgage minus 3.5% meaning we have a lot of equity. I calculate it with the ltv meaning we have approx 7000 so no more payments !. They’ve also said it’s not 5000 each de minimus but me and my partner have signed separate Iva’s stating 5000 each. Totally confused I am.
A few months ago Aperture were consistently using what I think was the wrong method of calculating equity -- the one they seem to be using here. However, in the laoks several forum users have mentioned them using the generally accepted method (that contained in the standard terms and conditions at annex 6) --- I thought they had seen the error of their ways, but it seems more likely that different members of staff are using different methods !
Again, a view shared across the industry is the fact that the individual arrangements should be given £5k trigger each, based on each debtors share of equity .... but Aperture always seem to deviate from the norm here.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Hi thanks for the replies. They take the 3.5 % for remortgage fees. My calculations based on their valuation from Zoopla of 170000. Our property it’s 164000. My calcs are
Zoopla is notoriously inaccurate, based on an average of different house type sales in a given region and taking no account of the fact that your house, with all due respect, has had minimal, if any, maintenance over the last half a decade. Check the exact wording on your paperwork ... most will say that you agree to provide the valuations .. it is, in that case, not their place to be consulting the likes of Zoopla.
To escalate the query I would suggest contact to the IP direct, by email and recorded delivery (snail mail) ... look him up here for his contact details: https://www.gov.uk/find-an-insolvency-practitioner
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I agree - get a local agent out for a valuation - online ones are not good!
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
Hi foggy, I’m hoping you can help! Our Iva should be underthe 2013 protocol that advises that the equity calculation is in annex 7. I can find it in annex 6 as you advise but only in the 2014 version. Do you know where I can find 7? Thanks
Lynny wrote:Hi foggy, I’m hoping you can help! Our Iva should be underthe 2013 protocol that advises that the equity calculation is in annex 7. I can find it in annex 6 as you advise but only in the 2014 version. Do you know where I can find 7? Thanks
I only have a copy of the 2014 Protocol to hand, but, I believe that the content of the 2013 annex 7 is the same as the later annex 6 . I will do some digging, but hopefully someone else will have a copy and can beat me to it.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Hi, I’m hoping for a little more advice, select have advised that they follow Aperture’s calculation and are getting in contact with me tomorrow for a possible solution. I’ve asked aperture to explain the 85% LTV as per my arrangement and have found a document that they use to calculate equity with the first step being the calculation they use and the second being the LTV. I’ve had a valuation that shows 155000 equity and latest mortgage redemption is 135612. I’ve checked my Iva and it is protocol compliant. I have asked aperture to escalate my query and they blocked my calls? I finally got through by putting 141 in front of my number and they said they have sent me a letter to arrange an appointment. I’m just worried about what select will say tomorrow and how to handle this ?
