I am certainly not deluded nor naive. In addition I would have queried the valuation at the time and obtained my own if I was sure the one used was inflated rather than agreeing to an extension without a fight. It is a bit late now complaining when you had ample opportunity to do it at the time.
Furthermore, you state that the broker was taking a £4000 when the equity was only £6700 which would only leave £2700 for creditors. No IP could sanction this when an extension would raise the full amount so something is not right.
Just to remind the original poster of the forum ethos "respect for all" and that no one is allowed to solicit for business so this forum is certainly not a "shopping centre for prospective clients"
I understand your concerns and where you are coming from but you must take on board and respect other posters views
Michael Peoples is the most knowledgeable poster on this forum and very highly respected
The comment of being "a bit late now " is so patronising when all the IP's are jumping on the the cash cow PPI saga. I dont hear that same comment on that when you are profiting from it.
To set it straight. In my iva it states any equity under £5000 in non payable. So for arguments sake my property is valued at £200,000. The company that done the valuation came up with a figure equal to my property being valued in there eyes of £201,700 which invoked the equity payment as this meant i had £6700 equity in there eyes. Whoever heard of a property for sale at such a strange selling price.
They then offered to supply me with a loan for £40,000 on a part of my mortgage of which £6700 would go to my creditors and there fees would be £4000.
All that being said my original question that you experts seem to be avoiding is if my IP has acted inappropriatly.
The silence is deafening as you have repeatedly avoided giving me an experts answer.
Ive no doubt that my account here will probably get deleted as ive highlighted too many wrong doings in your profession and my valid questions are embarrassing you.
You main headline banner on this site is "ask an expert a question " which i have done. If you guys are not on here window shopping for clients then why after every comment you make do you put an advert for your services at the end of every post
Enough said.
When you are reminded over the phone that failure to cooperate could result in being made bankrupt Mr Peoples when you are almost at the finish line then you cooperate. Im so disappointed in your previous post.
Thanks
I asked my ip similar questions regarding their ways and means, they picked a company to reclaim my ppi, I said I would do it on my own as I wanted all ppi to go to the creditors without fees being deducted, their response was that I would be fobbed off and get very little, however when I agreed a found the address of the reclaim company to be the same address of my ip so they are doing it themselves under a different name and profiting even more, these I feel are unethical ways of doing business, I wish I stayed with debt management now, I would of had alot more money to give without the vadt fess being taken, and I would be able to buy a car that could actually get me to work without causing problems, the ip however doesnt seem to think its a problem, a total joke
I am sorry that some of you are not happy with your IPs but do not take it out on the whole profession.
The PPI is a requirement of the IP and each case has to be investigated. Banks did fob people off and credit files only go back a certain time but claims management firms have the expertise to recover more than an individual. The IP gets less by using a claims management company as their fees reduce the amount paid into the IVA 'pot' so there is hardly anything unethical there!
I am still confused about the equity situation as any secured loan is capped at around 80% loan to value so if you were in a position to get a £40,000 loan then the equity in the property had to be more than £6700.
I would like to add about the 'shop window' comment. Yes we would like to pick up some business from the forum to compensate for the time it costs to be here. However what work this site generates is very small in relation to the time spent and the bulk of queries relate to existing IVA clients and not new ones. We do not ignore those queries which could not generate a lead and all queries are addressed equally regardless of whether the poster is in an IVA or not.
I really do feel for you Stephen, we are going to be facing our own issues i think with our IP and IVA company.
I usually don't wade into debates where feelings are running high but i would just like to add i have been in an IVA for 2.5 yrs now, not with McCambridge Duffy but Michael has been such a huge help to me answering any questions i have had. He didn't have to he could have ignored them but he took the time to try and answer my concerns and he has put my mind at rest and given me more insight into how things work and what my rights are.
I really hope you manage to get things sorted out, and stand your ground too. If you feel your IVA firm are being unlawful then im sure there is a way to make an official complaint.
Im sure Mr Peoples is one of the good guys and i apologise unreservedly if i have offended you.
Im nearly at the end of my IVA and im totally happy for experts to point us in the right direction and be paid for doing so.
If we rewind to my original question which was if the experts in there experience thought that asking a valuer to then offer me a loan deal was unethical.
A simple yes or no would have been sufficient.
If you dont think it is unethical
then fine, just say so.
Unless you cant because of operating in a similar way !!!
This is the 4th and last time i will ask as im sure most people who have read my posts including myself have already made up there own minds based on the Avoidance of all who have taken the trouble to not answer.
Best regards
As stated I personally do feel that a valuation to determine equity release or not should be independent and not from the same company that will be offering the loan
