Hi Simon. Most equity release clauses refer to "your share of the equity", which strongly implies that there is another "share" not included.
Further they are unreasonable to expect you to pledge something that doesn't belong to you -- will they be after the neighbours house next ? I bet you didn't mention that at the outset either !
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Foggy - thanks for the amusing slant on that! I will dig out the agreement tonight and have a good read. I just think they are being a little naughty!
Sad really as i really hoped that this could be closed down nice and quick with little fuss. Now looks like I have to go down the route of paying for a valuation etc...
Evette is in at 12 and has promised a call. so will just have to wait and see!
DFD are still contesting that "all" equity is to be used.
Interestingly enough,Evette mentioned that we should have submitted a letter at the start of the agreement stating that my wife does not wish to use her equity.... Never advised of that! We ait and see.....
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
What DFD are saying regarding the equity is absolute, fur-lined, bull ! I would make a formal complaint and escalate this to their regulators if need be.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Did they provide a level of advice at the start of the iva to know the difference?
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.
I have had the "Official" response from DFD last night.... Still convinced that ALL tyhe equity is to be used. However, a quick scan of all my documents this morning and I can reference that in the statement of affairs section of my proposal, they clearly demonstrate that on my interest in the equity is to be consideder. This is because they subtract 50% of the available equity on the statement, and declare that only 50% is "Estimated to realise"!
Other things raise by them were that I will be delayed in closing the IVA due to stillbeing on the old terms. I'm sure that I can sign the deed of assigment? Can't I? I know it was used as a carrot to get people to switch when DFD had the big push.
With regarss to best endeavours, do you think that if I manage to get some form of small secured loan (£2-£3k) and offer as full and final, would this be ok? I have failed the remortgage bit, which I was legally required to try. 2k-3k represents about 1 years payments.
Sorry for the early morning brain dump! Thanks for the help.
Being on the old terms bears no relevance to speed of closure, as is ably demonstrated my many other firms managing to do so within weeks. It is merely an excuse.
I would imagine a lump sum would suffice .. might be worth having a chat with Shaun as he has access to products which might help.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
The Insolvency Service has stated that PPI should not be a reason for not issuing a CC and are monitoring the situation.
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.
Here's what they got relating to the equity side of things....
4. Disagree. The statement of affairs as sent on 1st November 2010, by Richard Savage, clearly removes 50% of the equity available. This is termed as "Share to Co-owner" and is shown in the "Estimated to realise" column of the statement.
Furthermore, section 2.2 paragrah 5 states the following:-
{i}"On the expiry of the 4th Years from the date of the commencement of the Arrangement and no later than 6 months before the intended completion of the Arrangement I shall commence steps to effect a remortgage of my equitable interest in Property X."{/i)
I believe this to be quite clear and unambiguous in defining that it is my share of the equity that is to be considered.
Hopefully they will see where I am coming from.
Last edited by simon1883 on Tue Jul 28, 2015 12:49 pm, edited 1 time in total.
So went back to Select and asked for a small amount to offer as f&f. They argreed in principle and went away to do the valuation and get some figures.
Called back and..... Its a no! LTV is currently greater than 85%... They will apparently feed this back to DFD. Where does this now leave me? I have failed the remortgage (obvs) and now DFD's approved broker has declined based on LTV?
