full and final declined

[MelanieGiles]

A strange tactic from the mortgage company - and perhaps a sign of the times that final year equity releases are not going to work if the current climate prevails.

[Viki.W]

Hey Lollie, sorry I had to pop out before so I didn't see your post, I see Melanie has replied anyway. Really hope you manage to move forward with this. Viki X

[lollie]

that's right melanie. that's why i was looking at a f+f but if i give them all my equity which is nearly £20k that i am supposed to be using as a deposit on the new house, i thought I wouldn't have to pay anymore into the IVA but i've been told otherwise.

so basically i would have to give my creditors £20k from the sale of my house and then continue to make payments for the duration of the IVA which means I no longer have a house as I am unable to get a mortgage.

does this sound right?

i've worked out that i would end up paying more than i owe!!!

[jpj]

sounds like you cant move AND do a full and final Lollie !

The bank will always have first charge over your property, so i dont really see why the mortgage company is too worried about the 2nd charge the IVA will have on it,as the bank gets paid first!

[charlotten]

Why don't you contact your creditors yourself and make the offer direct?

I'm with DFD (well me and my hubby) and I am failing my IVA because they are USELESS. We are having a baby and the expected us to pay our full £478 when the baby comes. We emailed a very intense complaint and now I have spoken to my IP and told him we are leaving DFD and taking our business elsewhere. We are not in arrears but we cannot afford the monthly payments in general.
The problem with DFD is they are all profit, profit, profit and there ability to conduct customer service is appalling.
We have paid about £4-£5k into our pot, none of which in two years DFD have distributed to our creditors and if DFD think they are getting their fees they have another think coming.

I understand how incompetent, lazy and highly uneducated the staff are DFD are. It's frustrating but I would write to your creditors and explain how much you are offering and see what THEY say. I would bypass DFD.

[jpj]

Im not sure bypassing DFD isa very good idea!..dealing direct with your creditors would be very hard as you would need to call a creditors meeting to discuss the offer, and negotiate seperately with each one! and it could all look very unprofessional!

Plus it would ruin any relationship you do have with your IP !

[lollie]

jpj i have no relationship with my IP as i'm not allowed to talk to him but that's beside the point. i understand what you mean about contacting the creditors direct.

charlotten, it beggars belief how incompetent DFD are. i've been trying to sort out a variation since february and it seems to be getting worse not better.

[MelanieGiles]

You actually would have no power to call a meeting of creditors, and would certainly not be taken seriously if you tried! Persevere with the IP route and try and contact him directly. At the end of the day if he refuses to discuss this with you, you can complain to his regulatory body although I am sure that this will not be necessary.

[lollie]

melanie did you see my previous post about giving all the equity from the sale of my house to my creditors and having to continue IVA payments for the duration?

what do you think?

[MelanieGiles]

I thought I had answered it as well! I am afraid I agree with your IP - creditors will not let you away with an early settlement if you still have disposable income, unless you are making a very high offer of settlement.

[lollie]

i don't mean to drag on and on but what would be a high offer?

would i need to pay back the entire debt of £43k minus whatever I've paid at the moment or would I have to pay the agreed IVA amount of 0.38/£ which is about £25k which includes the IP fees of £7k?

[MelanieGiles]

Can't really equate that for you to be honest - as each creditor will have their own views and I do not have detailed knowledge of your case.

[lollie]

ok thanks...i'll just wait to see if the variation meeting is successful on 1st july and if future mortgages agree to the 4 year equity release clause being transfered to the new property.

thanks everyone for your input

[lollie]

just a little bit of good news. Future Mortgages have now decided that they are happy for the 4 year equity release clause to be transferred to my new property!!

There is light at the end of the tunnel!!

Let's hope my variation meeting on 1st July with DFD is equally successull...

[Viki.W]

Well done Lollie, good luck for the 1st. Viki X