Wow, gobsmacked at 2014 protocol!!!

scared-sick

Ok, so i know this is the DMP forum but as lots of people on dmp consider IVA's, i am posting this here aswell as the iva board.

I recently received my IVA draft to go through and had an appointment today to ask any questions.

The protocol states:

'Remortgage includes other secured lending such as a secured loan'

My question is simple....what does this mean?

It turns out the question is NOT simple as this is what i encountered after asking the question:

Stepchange - gave me an answer which they said was 'industry recognised' as the interpretation.

So i thought i would test this and rang:
National debtline - they gave VERY different interpretation.

So i went for best of 3 and rang:

Payplan - they said they only DO IVA's not interpret them!
They suggested i ring:

Money advice service - they said they only offer advice and tried to refer me to stepchange so i said no, then they offered payplan so i again said no and explained why. They then gave me the number for:

Financial ombudsman - said they didnt know and referred me to:

The insolvency service - they didnt know so they referred me to:

The iva enquiry line - they didnt know so they referred me to:

The insolvency practitioner policy makers - they didnt know so they referred me to:

This was a name rather than a company so with holding it - they didnt know so they referred me to:

Another name - they didnt know so they referred me to:

THE PERSON ON THE WORKING PARTY WHO WROTE THE POLICY!!!
I then got an answer!!!

I kid you not, this is what happened and i was on the phone for over 2 hours!!

If all of these 'experts' cannot answer a simple yet vitally important question about a product they are 'selling' to people, then what chance has the likes of me got in making a life changing decision or even an informed choice!

What is even more scary is quite a few of these people offered me their 'opinion' on what the sentence meant. None of it fact!

This is a LEGALLY BINDING agreement!
Please someone sort this out!
Advice charities on here, i would be interested in your views on this?

People considering an IVA, please consider EVERYTHING!

I am astounded!!

SillySod

What perseverance!

No idea about the clause, but I would say that, in one sense, the opinion of the person on the working party is no more or less relevant than that of any of the multitude of people you spoke to.

The protocol is there, to be interpreted by those who have to interpret it. Those interpretations can be reviewed by others, who will have their own interpretation. It goes on. Good luck

meer53

I'm no expert but i read it as - if you have to remortgage at the end of an IVA, a secured loan would be accepted too ?