When I first called an IVA company I was given the impression I pay for 5yrs and then release equity from my house (the agreement mentioned I needed to do that bit). If that fell flat it was game over so to speak and I would be clear.
However the IVA company got an independent advisor to call me the other day who advised me that I wouldn't be able to get any extra on my mortgage and that it would be best if I offered a full and final and I would pay half what I was paying now but would be over a 15 year period!
I feel like I have mis-lead on this and feel like I've been misinformed and was wondering what can I do about it, I've tried to speak to them but just keep getting the run around.
Hi xxxxx17 i think you need to speak to your IP asap and ask for some clarification, i would also look at your documents too. I hope you get this sorted and quickly. x
Om shanti, namesté, good luck to all who are embarking on the IVA journey, it isn't always an easy one but the outcome is the best.
IVA COMPLETED August 2012, received Completion certificate 18.4.13.
Are you completelty sure this independant adivsor was authorised by your company, if they are surley that is against data protection to be giving your details to a third party without your permission.
If life is what you make it, I must have been in a strange mood when I made mine
You have been badly advised,as you cannot be told the best idea is to offer a full and final,and then be told to pay it over 15 years,a full and final is usually a one off payment to end the IVA.
Which company are you with,it often helps to work out a best way forward if we have this info.
Dont panic about things,but you need to get to the bottom of this nonsense ASAP.
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
seems another case of being asked to takeout a secure loan to cover the equity when it can't be released.
i personally feel that if a secured loan was discussed at the begining and is written into your proposal, then thats what you signed up for and so be it, not a lot different from having to remortgage really,
however it seems that this is entirely new and unexpected, and as a secure loan is not remortgaging then this should not be expected of clients, its all down to the wording in your proposal and chairmans report, after all it is a legally binding document, and that means for both sides!
have a close read and be prepared to fight your corner on this.
kat
IVA accepted 6th May 2011, Full and Final accepted 17th April 2012.
Is someone suggesting that you take out a secured loan to raise the money that you need to introduce from the equity in your property? Are you already in an IVA?
Secured loans as a plan B to releasing equity seem to be coming up more frequently on the forum.
It could be that now these loans are available to those in IVAs creditors are becoming less willing to jump straight to a 12 month extension, where the proposal doesn't specify what would happen in lieu of equity release.
I agree with you Paul, there seems to be a shifting of sand now with a few agreements as this isn't the first poster to post something like this, lets hope as foggy says it is a company touting for business. x
Om shanti, namesté, good luck to all who are embarking on the IVA journey, it isn't always an easy one but the outcome is the best.
IVA COMPLETED August 2012, received Completion certificate 18.4.13.
