Wife refuses remortgage

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SamuraiSam

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Post by SamuraiSam » Tue Jan 19, 2021 1:38 pm
I’m approaching the last year of my IVA and the subject of remortgaging to release equity is raising its head. I was told at the beginning that, as it’s unlikely I’d be able to I’d be asked to continue for another year which I am ok. However, The Select Partnership have got involved who are only interested in clearing my existing mortgage which I’m in the last third of and mortgaging me up to the max until retirement age (I’m 53), which I’m very unimpressed with. Having said all this, my wife refuses to remortgage as that will make the debt partly hers as well, which we’ve always been clear, it’s my IVA (result of a business failure) not hers. What happens? Surely she cannot be forced into this? Select are saying she has no choice.

Foggy

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Post by Foggy » Tue Jan 19, 2021 2:39 pm
Of course she has a choice, but, the consequences could be that the IVA is failed due to non-compliance. You agreed to remortgage if possible and Select have determined that it IS possible. You should ask your IP if he / she would accept the 12 months extension as agreed in the Government's Covid-19 Protocol amendments ( see: https://www.gov.uk/government/publicati ... a-protocol ) Section 3. Para 1.12

If he / she refuses I would consider a formal complaint and escalation to the IPs regulatory body via the Government Gateway here: 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
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SamuraiSam

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Post by SamuraiSam » Tue Jan 19, 2021 3:23 pm
I’ll try that. Thanks.

lifenoteasy

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Post by lifenoteasy » Tue Jan 19, 2021 4:19 pm
I am a little surprised that Select are taking that approach - they have quite a good reputation when it comes to people who are referred to them.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.

Foggy

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Post by Foggy » Tue Jan 19, 2021 4:23 pm
Tue Jan 19, 2021 4:19 pmlifenoteasy wrote:
I am a little surprised that Select are taking that approach - they have quite a good reputation when it comes to people who are referred to them.
I imagine that Select are merely doing as the instructing IP has requested. It is for the IP to follow the guidelines and skip the process, not Select. As the amended guideline suggest the remortgage could go ahead if the debtor so wishes and so Select merely provide options : "No attempt should be made to realise a consumer’s home equity under paragraph 9 of the protocol during the pandemic unless the consumer agrees to proceed."
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

SamuraiSam

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Post by SamuraiSam » Tue Jan 19, 2021 4:25 pm
Very heavy handed. Saying if I didn’t comply they’d make my IVA fail.

Shaun Vickery

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Post by Shaun Vickery » Tue Jan 19, 2021 6:00 pm
Good afternoon SamuraiSam. I'm extremely surprised to hear what you say and, if you'd like to message me privately for confidentiality, I'd like to look into this for you. I should make it absolutely clear that it is not within our power to fail an IVA and, as Foggy rightly points out, if you do not agree to proceed, we can only return your case to your IP to consider alternatives. This may include an extension of your IVA in lieu of releasing equity. Naturally I would encourage you to explore the pros and cons before making a final decision however, for your own benefit.
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For individual, confidential mortgage advice see my details under the IVA Experts or go to http://clients.theselectpartnership.co.uk/
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