www.iva.co.uk

To start with I'm sorry, as I know you have had this same thing time and time again but....

I started my Iva with Wilson Phillips late 2008, this Iva got taken over by grant Thornton,

My last payment went to GT in Feb of this year after 60 payments, I have sent them my valuation, outstanding mortgage and secure loan settlement cost,

I rang GT this week and asked where my completion certificate was, they replied I have over £5000 equity and I would need to remortgage??, I am not to shabby with the ole calculator and worked it out in Feb this year to not be the case

Valuation of property £123.000
Mortgage outstanding £80.500
Secured loan £34294.92

So £123000 x .85 = £104.550 LTV
£80000 + £34294.92 = £114294.92

Does this mean I have £9744.92 to give them or does this mean I am minus £9744.92?

I am confused and need help before I tackle them again on the phone

Regards

Phil

Depends on wording. How you have presented the figures, you have nothing. However, some companies now seem to be saying 85% of equity (£123000 - £114295) being £7399.25. Check your proposal as I believe from other posts on here that some companies are trying it on!

Check redemption dates too. Mine said at month 54 so ensure your redemption figures are at this date. You will have paid another year if Feb this year was month 60.

Their timing is shocking if they're only just saying that you need to release equity.

Sorry but shouldn't your IVA have ended 2013/14 after 60 payments?

My final payment was Feb this year, they said that it was my last payment, I did send my valuation in a little late and my figures but that would have only gone down since

I heard nothing from them apart from ppi requests (for the third time)

My wording States

I have to try and remortgage at a maximum of 85% loan to value of the property less the existing secured borrowings,
The sums raised may be lower than the LTV less secured sums, if I can demonstrate that the mortgage will result in funds being introduced into the Iva which equate with either 100% of my share of equity or payment in full to creditors, the amount to be introduced will not exceed 100% of my share of equity

Does not make any sense to me

I did wonder about the dates as it started before ours that finished last year. I assumed there had been payment breaks. On a positive note based on those dates, credit file should be cleared quite quickly once certificate is issued!

Oops I meant 6 years not 5 years, I had to go for 72 months (early in the morning for me)

It sounds to me like there's no equity if it says specifically 85% ltv. I imagine someone's put the figures into a spreadsheet incorrectly. Challenge them via email detailing the figures as you have here. Ask for a written response by return and good luck!

Get them to confirm how they arrived at those figures plus put pressure on them to confirm why there has been such a significant delay.

Thank you relieved33, when I was on the phone to the lady and mentioned LTV (or LTA as I said it doh!) she said she will have to look into it

Then said she will be sending everything in the post along with yet another income and expenditure form

just want this to end now and put the past behind me

Will do lifenoteasy,

I was thinking I will just get the certifiable through after no calls or mailings from Feb until I rang this week,

Oh sorry I did get one mailing just to say they are changing to aperture

Time to turn the pressure on them up a few notches

GT are not the best at the best of times and a change of name won't help them.

I would suggest make your focus getting rid of them.

Relieved33 - someone must have put the figures in the spreadsheet wrong ??

Thats very generous of you - ha ha

Once again this appears to be the similar sort of thing that GT (or whatever their new name is, tried with vic in a former post).

Again, if once they have completed the figures and they still dont stack up here is the complaints procedure that Vic followed and got success with when GT tried to use some unique interpretation....

read both pages of this and the follow up thread.

http://www.iva.co.uk/forum/topic.asp?TOPIC_ID=70032

what is GT's new branded name ?

Apeture

thanks lifenotsoeasy http://apertureiva.com/about/our-story/

so the directors of Aperture are Grant Thornton, interesting rebranding exercise. http://www.endole.co.uk/company/NC00130 ... age=people