IVA equity calculation

Nickjay85

Hi
I took out an IVA with Cleardebt in June 2010 which completed in October 2015. I was then informed that it had been taken over by Aperture. I had already completed a valuation on my house and gave mortgage redemption figures to Cleardebt. As of August 2016 I had heard nothing from Aperture so I contacted them to ask when I would receive my completion certificate. A few weeks later I was told that I'd have to have my house valued etc as they reckoned I hadn't done so whilst with Cleardebt. Finally they agreed that I had done so. The problem I have is with their calculation of the equity available in my house. They used the following figures (this is a joint IVA and a joint mortgage with my wife):
House valuation - £170000
Outstanding mortgage - £137321.67
Somehow this left an equitable share of my property of £11359.54 between us i.e. Greater than £5000 each so an attempt at remortgaging was required or pay another 12 months of payments. They then used a different calculation which is in the IVA protocol. This worked out that we would both have a maximum remortgage of £3589.17 each. Obviously less than the £5000 needed to invoke an extra 12 months of payments.
I've contacted Aperture about this but they have stated that the Protocol is only there for advice. I informed them that Cleardebt issued my with an protocol compliant IVA. They then said that the calculation in the protocol has since found out to be incorrect - even though they have used it themselves!
Has anyone had a similar experience?
Can anyone give me some advice?
I obviously don't want to pay an extra 12 payments if I don't need to.

Many thanks in advance

Nickjay85

memberme

I would try and contact David Mond (CEO) at Cleardebt. the company is still there even without the IVA's, and let him know this. He's a very helpful guy and should be involved if Aperture are arguing details finalised by Cleardebt. I escaped in December 2016 and received my cert 2 weeks later from Cleardebt so escaped Aperture. I have his email address but probably shouldn't post it ion here. Maybe you have it anyway if he was your main IP, if not someone at cleardebt or the website will throw it up.


Good luck