HELP!!! IVA Now unavoidable, Need to know steps to complain about mtg broker

snairegin

If you read my post

http://forum.moneysupermarket.com/forums/thread/11479.aspx

you would understand why its frustrating to be told now that all along, i wont have been able to get a remortgage done. After at least 5 weeks after valuation was done, i contacted my broker about the update still not received in regards to me getting a mortgage offer. Thanks to this forum and others, i've learnt that you have nothing unless you have a mortgage offer and have always called constantly to see if one has been issued.
My broker called today to say that he seems to have been having a problem with his email and that i should have recieved one last week asking me to send a transaction history from my bank or statement from my current account showing mtg payments from april 2006 till now.
He apologised and said his "office" would call me with more info on how to request or send the docs. (this is someone i have been texting or calling every three days in regards to the mtg offer)
I got a call back within minutes and was told that i should be able to save the expense and delay of ordering a statement by printing my online statement and sending that instead.
To my HUGE SURPRISE, the person on the phone said he thought i would not be continuing the application, i asked why and he said:

The new lenders valuation was for £140K , £20K less than i had hoped and suggested that i should contact estate agents to try and see if i could use their quote & re-apply to the lender.
The new advance up to 90% LTV would not be able to pay off my current mortgage and secured loan, talk less of, the loan i was also trying to pay off.

Surely , i should have been informed of this weeks ago and seems that i've fallen victim of a disorganised self employed mortgage broker not keeping up to date with his franchising firm. i was wasted time and effort in getting this remortgage done, i have missed 2 months of credit cards pyments and have constantly told them that remtg would be completed in a couple of weeks to get the balances up to date. I cant pick up calls or respond to arrears requests because i dont know what to say now.

Are there still options for me without an IVA?
Should i complain to the intermidiary firm or straight to FSA?

Main Mtg - £116,500 including £1300 arrears
Secured Loan - £16,000 including last months £200 arrears
Hire Purchase - £6500

Remortgage (preferably interest only) should be able to cover these three as i have other cards and loan that i would be able to pay off without the need of the remortgage.

toonfish

The broker could have been quicker, or better at keeping you informed but adverse deals can take a long time due to the risk involved.

It's not his fault the property is worth less than you think, or that you are unable to meet your financial committments.

TallGirl

Sorry I have not read your whole post but why dont you give Payplan a call they do IVA's, DMP's and have an in house mortgage brokerage. They should be able to give you some advice on what option you have. Payplan.com is the website

HelpWhereIcan

i know it may not be the answer that you want to hear, but it may be that an IVA is right for you. There comes a point when it is best to make arrangements through your creditors through an IVA or debt management program than putting your house and sanity at further risk by increasing your mortgage. You may be better to seperate your debts from your home as much as poss in order to protect where you live rather than prevent any perceived stigma you may fear from an IVA. The long term effects of a repossession are much worse than those of an IVA.

You would need to complain to the advising firm as s first step.

There may be options available to you, but I would have thought that you 'best' one at the mo will be to try and use something like http://www.housepricemaps.co.uk/ or http://www.rightmove.co.uk/ to find the price properties like yours have sold for to support your valuation of the property in the hope that the surveyor can be persuaded to change his mind.

Without knowing more it is impossible to say what options you may have, but I would urge you to contact your broker or his firm asap and clearly set out what your concerns are - he may not be fully aware and may surprise you by having taken steps in the background to help ensure your remortgage is still going through (getting the price of comparible properties together for example)

dunstonh

Should i complain to the intermidiary firm or straight to FSA?

The FSA dont take complaints. The complaints process requires you to complain to the advising company.

What is it that you are going to complain about?

You cannot complain about the valuation or you financial circumstances. You cannot complain about time wasted as all that takes place before the valuation and that seems to be the thing that has caused a block for you.