After completing our IVA we have been told that we have to take out a loan

Get expert opinion. This is the place for new questions to be posted.
264 posts Page 1 of 18
 
 

annie 1234

User avatar
Posts: 15
Joined: Tue Jul 03, 2012 6:14 pm
Location: United Kingdom

Post by annie 1234 » Tue Jul 03, 2012 8:49 pm
we have just completed our iva after 5 years ,,,we never missed a payment,,now we have been told we have to take out a loan for 14,000(with interest)which will take another 5 years to pay off,,,,we wasnt told this when we signed up for the iva,,,so in reality we have paid of our debt but will still be in debt for 5 more years ,,,,i am so annoyed at this ,,but all we get is ,,you should have read the small print,,,,if we had have known we would have never got involved it feels like every penny is trying to be squeezed out of us,,,if we dont get the loan we will lose our home,,it just seems so unfair after biding by the rules for 5 years,,
anne williams
 
 

puppy

User avatar
Posts: 46
Joined: Tue Jul 03, 2012 2:46 pm
Location:

Post by puppy » Tue Jul 03, 2012 8:53 pm
Is this as equity release Annie?
 
 

annie 1234

User avatar
Posts: 15
Joined: Tue Jul 03, 2012 6:14 pm
Location: United Kingdom

Post by annie 1234 » Tue Jul 03, 2012 8:59 pm
hi puppy,,,yes it is love ,,we wasnt told this at the start:(
anne williams
 
 

herbekj

User avatar
Posts: 553
Joined: Mon Aug 17, 2009 4:09 pm
Location: United Kingdom

Post by herbekj » Tue Jul 03, 2012 9:02 pm
Whether it's equity release or anything else no-one is going to lend you that money if you are in an IVA.

You will likley pay 12 more months payments into the IVA if this is the equity clause.

What are the terms of the IVA and/or is this something from you IP?
Last Payment - November 2011 - Completion Certificate received 2 weeks after last payment, Removed from Insolvency Register within 4 weeks after last payment.
 
 

No_Money

User avatar
Posts: 257
Joined: Fri Apr 15, 2011 10:07 am
Location: United Kingdom

Post by No_Money » Tue Jul 03, 2012 9:02 pm
I think most Iva's have this clause now... Depends on equity in your property if am right?
Officially debt free as of 10th Feb 2015
 
 

annie 1234

User avatar
Posts: 15
Joined: Tue Jul 03, 2012 6:14 pm
Location: United Kingdom

Post by annie 1234 » Tue Jul 03, 2012 9:02 pm
it just seems so unfair after complying with all the rules for 5 years,,,well still be in debt for another 5 years,,,:(..all just seems to be for nothing ,,,not happy ...:(
anne williams
 
 

annie 1234

User avatar
Posts: 15
Joined: Tue Jul 03, 2012 6:14 pm
Location: United Kingdom

Post by annie 1234 » Tue Jul 03, 2012 9:03 pm
im not sure,,why cant we just remorgage,,woudnt that be better??
anne williams
 
 

puppy

User avatar
Posts: 46
Joined: Tue Jul 03, 2012 2:46 pm
Location:

Post by puppy » Tue Jul 03, 2012 9:04 pm
Oh I'm so sorry to hear that, what a nasty surprise [V] So no mention was made of it all at the start? I thought it was standard for those with equity in a property?
 
 

annie 1234

User avatar
Posts: 15
Joined: Tue Jul 03, 2012 6:14 pm
Location: United Kingdom

Post by annie 1234 » Tue Jul 03, 2012 9:06 pm
they use there own loan company specially for iva customers,,,they said it would be a 15 year loan,,,,,,but if we pay more a month we can pay it off in five ,,,god,will it never end,,,
anne williams
 
 

annie 1234

User avatar
Posts: 15
Joined: Tue Jul 03, 2012 6:14 pm
Location: United Kingdom

Post by annie 1234 » Tue Jul 03, 2012 9:09 pm
hi puppy,,,nothing was mentioned at the start,,they said it was in the small print,,,;(,,looks like they want to squeeze every penny out of you ,,,never again xxxxxxxxx
anne williams
 
 

Muggins

User avatar
Posts: 267
Joined: Wed Sep 19, 2012 11:01 pm
Location:

Post by Muggins » Tue Jul 03, 2012 9:10 pm
Omg wot company are you with? I've not heard of the loan company before now! I assumed that unless you can release the equity they extend your arrangement by 12 months not arrange a loan for you which lasts 5 years! Makes a bit of a mockery about the iva!!
 
 

annie 1234

User avatar
Posts: 15
Joined: Tue Jul 03, 2012 6:14 pm
Location: United Kingdom

Post by annie 1234 » Tue Jul 03, 2012 9:13 pm
hi franky,,,im with debt free direct,,,mockery isnt the word id use ,,,ill look into what youve said love x thanks x
anne williams
 
 

Muggins

User avatar
Posts: 267
Joined: Wed Sep 19, 2012 11:01 pm
Location:

Post by Muggins » Tue Jul 03, 2012 9:18 pm
Ah no probs! Please let us know how you get on! There seems to be new clauses everyday on these posts! Talk about moving the goal posts!! :(
 
 

annie 1234

User avatar
Posts: 15
Joined: Tue Jul 03, 2012 6:14 pm
Location: United Kingdom

Post by annie 1234 » Tue Jul 03, 2012 9:20 pm
as anyone else come across this problem????and is there a solution,,,im at my wits end now ,x
anne williams
 
 

annie 1234

User avatar
Posts: 15
Joined: Tue Jul 03, 2012 6:14 pm
Location: United Kingdom

Post by annie 1234 » Tue Jul 03, 2012 9:21 pm
i will franky,,,it just dont seem fair ,,or right ,x
anne williams
264 posts Page 1 of 18
Return to “Ask IVA Forum and Industry experts”