Why equity release now?

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james597

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Post by james597 » Sat Aug 10, 2019 8:18 pm
Hi, I have been in an IVA with Debt Free Direct since December 2011 then Aperture. In 2016 I was told by Debt Free that my IVA would be extended from 60 months to 81 months. They were then taken over by Aperture. This year in January I made my last payment and since then Aperture are still chasing for PPI and now are saying that my case has been referred to The Select Partnership. I don't understand why they want equity release when my IVA was extended by over A year and a half? Has anyone any experience of this?

Foggy

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Post by Foggy » Sat Aug 10, 2019 9:12 pm
Why was the IVA extended in the first place ? Do you have any paperwork ? IF the extension was due to equity then they cannot have another go at that particular cherry

The PPI chasing is standard and has to be dealt with.
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

james597

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Post by james597 » Sat Aug 10, 2019 9:26 pm
Yes the extension was due to them realising that I wouldn't be able to release equity as I was struggling to pay the IVA because of a change in job- reduction in salary. Ok I will dig out old paperwork and thanks for the reply Foggy.

Foggy

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Post by Foggy » Sun Aug 11, 2019 8:45 am
Sat Aug 10, 2019 9:26 pmjames597 wrote:
Yes the extension was due to them realising that I wouldn't be able to release equity as I was struggling to pay the IVA because of a change in job- reduction in salary. Ok I will dig out old paperwork and thanks for the reply Foggy.
Hopefully the paperwork issued at the time will say that this is in lieu of equity release as well as to compensate for a reduced payment ( was the regular payment reduced ?). Did you go through the hoops of valuation on the house and redemption figures for the current mortgage ?
My fear is that the extension was only to mitigate reduced regular payments and the formal equity excercise wasn't carried out. In which case, it has to be done now (albeit late).
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
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