Next update...remember I told you I had received a letter on the 12th September from DFD asking for an expenditure review.
Well today we have received a letter dated 11th September saying we have been issued with a Notice of Breach.
We have one month to resolve the breach by cooperating with the request for information with regards to the property and complete a review of your property obligation.
If we are unwilling to release equity from the property, we should consider what alternative offer you could prose to creditors. Any alternative offer (such as a 1 year extension to the arrangement in order to make additional payments in lieu of equity)
I thought this was the reason we was being asked to do an expenditure review??
However if they don't hear from us within one month timescale DFD will have no choice but to start the failure process. And if our arrangements fails our creditors will be advised and they will start to contact us again in order to recover the debt owed to them!
Any suggestions on my next move would be gratefully appreciated?
life never seems to be the way we want it to be, but we live it the best we can . there is no perfect life but we can fill it with perfects moments.....
Maybe something like this, edit as appropriate......
Dear Sir/Madam,
I am in receipt of your letter dated 11th September 2015
In your letter you have advised that I am in breach of my agreement because I have/ have not <delete as appropriate>;
<Italic text reproduce their reason for the breach. (I assume from your reply above it says you have failed to provide Information).>
On this occasion I disagree with your assessment which has resulted in your issuing a breach notice. I have not been asked to provide any specific information, if you could send me a copy of the correspondence you have sent me requesting the specific information you are seeking I will be able to assist, but sadly my telepathic powers have been failing me of late. <sorry couldn't resist> [:p]
However, in an attempt to guess what information you require I am sending you:
2 x recent valuations of our property from estate agents
1 x valuation form the nationwide valuations website (or similar)
2/3 x copies of rejected re-mortgage applications.
[or whatever document your agreement says you must provide! but its a good start]
Our/my agreement states that;
<Italic - exact section of your agreement regarding to equity release or extension.>
Delete as appropriate.
1. You will see from the enclosed documents that the Equity we/I have in the property is below the £x,000 threshold value of my agreement which required equity release.
Or
2. You will see for the enclosed documents that the Equity we/I have in the property is above the £x,000 threshold value of my agreement which required equity release.
The enclosed documents demonstrate we have been unable to release the equity through a re-mortgage. our IVA agreement is dated xx/yy/zz and states that it is bound the by the <specific set if protocols it says it is bound by>. I have reproduced these below for your reference:
<italic section of the protocols your agreement/IVA is bound by regarding equity release> [hopefully it only says re-mortgage or 12 months extension].>
As you can see the agreement and protocol we are bound by does not include the introduction of funds through secured lending outside of a re-mortgage and unfortunately there is no 3rd party able to provide funds through a re-mortgage.
We do not believe our agreement or the protocols we are bound by require us/me to engage in secured lending from a 3rd party in any other form than a mortgage. I/we believe this is clearly demonstrated by the fact that the new protocols introduced in 2014 (which we are not bound by) specifically introduced secure lending outside of mortgages as a vehicle for property equity release.
As such and in order to comply with our written agreement we are happy to comply with section x.xx which states our IVA may be extended for a further 12 months in lieu of equity release via re-mortgaging.
I/ we trust you will agree this course of action is in compliance with our agreement and the protocols by which we are bound.
I look forward to your written confirmation that the above satisfies your requirements and you will advise me what specific steps I need to take to facilitate this and that the notice of breach has been rescinded.
Failing your agreement, if you could kindly write to me with the specific sections in my signed IVA agreement which require me to take an alternative course of action, such that if required I can present this to my legal advisors for their consideration.
Kind Regards
My smith (by recorded delivery xx/yy/zz) and sent be email on xx/yy/zz
Last edited by longslog101 on Tue Sep 15, 2015 9:53 pm, edited 1 time in total.
My Blog details, the route I took before IVA, how I choose my firm, equity release advice (year 4-5), challenging the CRA's keeping IVA on credit file once gone from insolvency register
IVA ended August 2015. Would recommend McCambridge Duffy
I have to say, We have never been asked to get a valuation for our property or a remortgage due to my husband already being 65.
We was told that it wasn't viable to take on the loan due to my husbands age and the fact that we wouldn't be able to afford the loan should he retire or ill health and unable to work. ( this was from a DFD advisor from here)
Do I still do the expenditure and return this to DFD ?
Or do I contact them regarding this breach?
Do I seek legal advice?
I don't really want to get into conversation with DFD because they appear to back track on what they say.
Confused.dot.com here x
life never seems to be the way we want it to be, but we live it the best we can . there is no perfect life but we can fill it with perfects moments.....
I think they work from a script from everything I read, so they have a set of check boxes to tick and they cant tick the tick boxes that says have provided proof unable to remortgage and the demonstrated equity in property is above/below £5k per head (or whatever agreement says).
Check this with others, but I would also be inclined to do a few online mortgage applications with instant result and print the refusal/declined screen I assume ,they will reject/decline because of the IVA on credit file and age of applicant with not enough income etc etc
Some others who are with your company may be able to post exactly what they did to trigger the 12 month extension, then do same as them, if you don't provide proof you can't release the equity then they don't know.
Either way, they should let your know exactly what they want if what you send isn't sufficient.
Reminder you're just a case number, not a person (sadly) so adding the above information you have posted to your letter only helps to demonstrate your loan/re-mortgage is not viable.
My Blog details, the route I took before IVA, how I choose my firm, equity release advice (year 4-5), challenging the CRA's keeping IVA on credit file once gone from insolvency register
IVA ended August 2015. Would recommend McCambridge Duffy
Thank you it's just nice to know there's some good people out there, to offer guidance and advice.
Much appreciated x
life never seems to be the way we want it to be, but we live it the best we can . there is no perfect life but we can fill it with perfects moments.....
The only problem with doing multiple applications is that they will show on your credit file and may impact any tidying up for a while.
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
My reading of it is that they didn't receive your I&E back and this is why they are writing to you. Either send it or remind them that you have sent it to them on xyz. Send your reply in writing by recorded/registered post.
We have only recently received the I & E form Lisa.
It looks like both letters have crossed in the post but wouldnt it have been on our files what was sent etc?
life never seems to be the way we want it to be, but we live it the best we can . there is no perfect life but we can fill it with perfects moments.....
Apologies I misread the earlier date that they requested the I&E on 12th September! The I&E and valuation/property position are two different points. I agree you should write and ask them for a copy of their original request for information that they are saying you did not respond to hence the breach and remind them you have only received the latest two letters regarding the property and nothing prior to that date.
