We are in the fourth year of our IVA and have to try and release equity through a remortgage. Our property does not have enough equity in it to borrow any money, we do not have the salaries and our IP has already admitted that it is unlikely that anyone will accept the remortgage due to our credit history. We have tried our current building society who have rejected our application and our mortgage broker has tried another building society who have also rejected us. This has been confirmed in writing to our IP and a letter from our mortgage broker has also been sent with confirmation from Santander that they cannot proceed with a remortgage due to our IVA. Our IP is now saying this is insufficient evidence. Can anyone advise what else they might want? We have phoned them on many occasions but they never get back to us and then just send curt and very unhelpful letters - aren't they supposed to be helping us? We have no idea what else to do. We have the 72 month clause in our IVA so I assume the IVA will go on for another year? Is there any chance that it will fail instead? Any advice would be greatly appreciated as we've rung our IP and she's off sick today! Thank you.
I cannot see how this is insufficient evidence if you have two letters of rejection. Were you only supposed to try two or should you have tried three? What does it say in your proposal/chairmans report?
Which company are you with?
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
it might be three letters of rejection, I know that mine is 3 letters of rejection, If I was you I would try another, then see what happens. Your IP hopefully should confirm this
Down but not yet beaten !
your past is your present and your present is the future
I'm too scared to name them - what if they see it and make life even more difficult for us?! Is that ridiculous?
They haven't actually told us what we need to send them by way of evidence, that's the problem really. They just sent us a letter out of the blue a couple of weeks ago saying "you're supposed to be remortgaging this year, how's it going?"!!!
Littlebear, your IP is unlikely to be able to identify you from your posts on here, and if they are on here they should be able to shed some light on the problem.
We often see exaples of where admin staff have been less than helpful ( for whatever reason), but the IP picks it up and sorts it out. Often they prefer to be told of a problem they might be unaware of, rather than let it fester and grow out of all proportion.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
LittleBear, my understanding is that no company should be able to identify you just from your user name, as they would need more personal information to actually track you down. I also feel that the Company's that use this forum are very professional and it would do very little for their business should they start to make things difficult for their clients who post, so I think you are quite safe in divulging your company. However only do so if you feel comfortable. No-one on this forum will force you do anything you are not comfortable with.
Hi it says in our proposal we will need to get two proofs of being turned down, one being our current lender.
A bit away from that yet but im not sure if anybody has managed to release any funds from their lenders to date?
Cannot really see things changing either in the next few years.
Im sure your get it sorted once the right person see's your letters.
Thanks for all your replies and advice. I think we will go back to our own lender and ask them to confirm their rejection in writing - they wouldn't do this the first time - and then go to one other lender.
I'll let you all know how we get on.
LittleBear
Have you checked your proposal? Exactly what does it say?
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
Hi Jan, yes we've been through it with a fine toothcomb! All it says is that we need to remortgage in year 4 - no direction whatsoever. I don't feel brave enough to name them yet but these are the people who agreed that we could reduce our payments when we'd had a baby and I was on maternity leave, to be paid back when I returned to work, and then sent us a really nasty letter about how we were in breach of our agreement due to the arrears! A lot of the time the problem is the staff turnover - we seem to have a new person dealing with our case every other month!
I know it's our own fault that we got into this mess but a bit of help and guidance would be nice - it's not like we've ever been in an IVA before!
Anyway, thanks again - my busband is going to ring them on Monday so we'll keep you posted.
In the meantime, I shall have a nice g&t!!!
LittleBear
Don't blame for the G&T - I've got vodka and orange at the moment!!
It does seem bad that they can give you no clear direction and personally speaking I would have thought that two rejections were enough. They should know that it is impossible to get a remortgage anyway.
They don't sound the best company!!
Hope you can get it sorted on Monday. Let us know how your hubby gets on.
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
