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Ash
Ash, Solicitor
Category: Bankruptcy Law
Satisfied Customers: 10915
Experience:  Solicitor with 5+ years experience
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I was told my iva with debt free direct would finish in 5 years

Customer Question

I was told my iva with debt free direct would finish in 5 years it is 5 yesrs this may we have never missed a payment now they hsve sent ud forms to sign to release any equity in our house if not we are going to have to carry on paying . Should we sign forms we dont no what to do
Submitted: 2 years ago.
Category: Bankruptcy Law
Expert:  Ash replied 2 years ago.
Hello my name is Alex and I will help you with this. Please note that I am a working Solicitor and may be on and offline as I have to attend Court and meet with clients, even at weekends. As such you may not get an instant response when you reply as this is not an ‘on demand’ live service, but rest assured I will be giving your question my immediate attention upon return. There is no need to wait here, you will get an email when I reply.

What does your IP say about this please?

Customer: replied 2 years ago.

What do you mean ip

Expert:  Ash replied 2 years ago.
Insolvency Practioner.

When was the proposal that the creditors voted on please?

Customer: replied 2 years ago.

5 years ago in may they have not gone to the creditors yet as they are asking for our permission to see if we can release equity which i dont think we have they are also saying they want all ppi claims in before they close the iva

Expert:  Ash replied 2 years ago.
Were any loans included in the IVA?

Customer: replied 2 years ago.

Yes a bank loan

Expert:  Ash replied 2 years ago.
And that included PPI?

Customer: replied 2 years ago.

Yes i think so we have been made to claim for these but yet not recieved anything

Expert:  Ash replied 2 years ago.
OK - So the IP wants the PPI element?

Customer: replied 2 years ago.

Yes they have asked for all ppi plus they wamt us to sign form for equity of our house and they told my husband if we havent any then they will go to the creditors and we will have to pay for longer

Expert:  Ash replied 2 years ago.
But everything was declared in the original proposal?

Customer: replied 2 years ago.

Yes we told them everything

Expert:  Ash replied 2 years ago.
And the creditors voted and approved the original proposal?

Customer: replied 2 years ago.

Yes they did my husband said on the proposal it does say about the equity on proposal but we were not actualy told

Expert:  Ash replied 2 years ago.
Ok - they did not value the equity at the time? What do you think it was at the time you signed?

Customer: replied 2 years ago.

No not as we can remember. We have an interest only mortgage and a loan that is secured on the house which we pay every month. The equity could only be small its about 20.000 the secured loan is for another 3 years

Expert:  Ash replied 2 years ago.
Can you get a copy of the proposal to check?

Customer: replied 2 years ago.

At the time no one valued the house and it is written that 0 equity on the property it says on first page its over 60 months but reading on its says we have to try and remortgage in the last year of iva

Expert:  Ash replied 2 years ago.
Ok - you need to check the terms very carefully. If it says you have to remortgage then you may have to - although this is unusual.

Normally what happens is the equity at the time of the proposal is taken and given back to the creditors.

The PPI element would have to be repaid and you would not be entitled to that if those loans were included in the IVA.

This is because any PPI repayment would just be set off against the arrears or the loans themself that were written off.

But it is very unusual to have a requirement to remortgage in the term of the loan - that defeats the whole point. If it only says to try and remortgage, you could ask a lender.

But given that you are in an IVA then you are unlikely to be able to and at least that means you have complied because yo have tried.

But the term is not normal.

Can I clarify anything for you about this today please?

Alex


Expert:  Ash replied 2 years ago.
If this answers your question could I invite you leave feedback on my service which I hope has been excellent today, if you need more information or help then please click reply.

Please remember that I am always happy to help if you have future questions, even if I am in Court I can normally respond within a few hours. For future information, please start them with ‘For Alex W’.

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