This iva has been really hard on me and my boyfriend but we made all our 60 payments on time. We didn't go into arrears. We have no equity in our house and our iva is non protocol compliant with no mention of the 12 month extension.
I stopped our payments after the 60th payment and started receiving phone calls from XXX. They said we had equity so I spoke to a local estate agents and asked for a revaluation on the house which was £20k lower than what XXX had. I scanned and posted the paperwork and was told that because there was no equity, they would advise completion. Two weeks later someone else called us and after a lengthy phone call, again we were told they would advise completion. Another few weeks went by, another person calls us and said they were going by our old paperwork and if we could find friends and family to give us the 3k equity we had in our house 5 years ago, they would attempt completion. She originally said we would have to go for a twelve month extension because we didn't have equity but then said she would only put forward the 3kP proposal.
This whole thing has been hugely upsetting because we had to ask family for money and that's not easy. We keep getting told they will complete and then get assigned a new person who says otherwise.
Please can someone let me know what to do in this instance? Our paperwork doesn't mention the 12 month extension and says we should get a revaluation done after five years but XXX want to use the old revaluation? What should we do?
If your paperwork states that a current valuation is to be used then XXX cannot use the old one. If the new valuation shows equity payable and you cannot, or wish not, to borrow (and why should you?)then you can ask the creditors to accept the 12 month extension instead. They might refuse, but might say yes -- it is NOT the in the remit of your IP to make that decision for them.
What exactly does your paperwork say about equity release ?
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Which firm are you with Yogiboo, and can I suggest that you get them to set our their position in writing, by reference to the terms of your specific IVA, so that you can better understand why additional monies are due.
Difficult times after coming so far ... Ask for it in writing so you have a clear explanation of why they are asking for this and how it was calculated ... Let s know how you get on.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
Thank you for all your responses, it is really nice to have people write back because this whole process is so heavy on my shoulders and just reading the replies helps me to know what I should be asking and doing. So thank you everyone. I will call them tomorrow and post the outcome.
