I started my IVA in Sept 2013 with Debt free direct and was told it should last 5 years after which they may ask me to remortgage. I told them then that I didn't want to do that because I was due to retire at 60 (Feb 2020) and as my mortgage didn't complete until I was 75 I didn't want to increase my outgoings while living on a pension. They told me I may have to keep paying for another 12 months but they weren't definite about anything.
Last Sept my last payment went out and I didn't hear anything again until about Dec when someone called "Aperture" requested all my outgoings, payslips, bank statements etc which I promptly sent off after checking their website which said I had zero more payments to make. I didn't hear anything until about Feb when they asked for info on all my previous mortgage lenders so they could claim money back. Again I heard nothing until last week. They sent me a letter saying they would put me in touch with a company so I could remortgage. All this 2 months before the 6 years is up.
My question is where do I stand now. Do I have to remortgage? Will I have to pay another 12 payments of £290? Is 6 years the cut off point. All this has happened at a time when my health has declined so much that the occupational health doctor has classified me as disabled and the company are looking to get rid of me and force me into retirement even earlier.
The equity release provisions will be detailed in your proposal. Select will see if a remortgage is available and, if there is one which falls within the parameters set out in your proposal, you will have to do it --- unless the proposal was altered when you initially said you didn't want to do this (which I doubt), it was part of the agreement. More likely, as things stand at the moment, a 12 month extension will be the outcome. Select might see if any secured loans are available and offer you the option, but you are not obliged to take a secured loan as opposed to a remortgage.
The recent questions Aperture have been firing off regarding loans and previous mortgages is a seperate issue to do with PPI refunds, which they are bombarding all past and present clienys with before the end of August deadline.
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
Sharing from experiences of dealing with debt
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