IVA Final Year, Equity Release, Specialist Broker?

drew09dalt

Hi, I am approaching the final year of my IVA in a few months time. I have recieved a letter from my IVA provider Stating that as its almost time to attempt to release equity, i must contact the firms chosen specialist mortage broker (the select partnership). Upon speaking to them it seems they specialise is successful equity release for people in an IVA (usualy through taking a second mortage on the property).

My question is, can the IVA company force me to use this specialist broker? they have stated on the letter "it is not possible to complete your IVA until you have engaged with our broker"

When i first took out the IVA i was sold it in the following way?

1. After 5 years i would approach MY CURRENT mortage provider for the equity 
2. They would say no because of the faild credit chek.
3. IVA would be extended to 6 years then completed.

Although now it would seem they are forcing me to use a specialist broker who they know can release equity. 

Any advice would be much appreciated. Thank you

sourcrates

I`m unsure what the current advice is in this regard.

This "specialist lender" requirement is quite new, as you say, previously the choice was yours.

Read your terms and conditions carefully, as that is what binds your agreement, not the whim of your IVA provider.

Should you refuse to engage, then another year of standard repayments is the norm.

Neutrinno

Whilst it may have been sold in the way you describe, I highly doubt that it what is stated in your contract. Releasing equity is what you proposed to your creditors and why the IVA was accepted, so it would make sense they would direct you to a specialist who can facilitate this.

dugma1975

drew09dalt said:

Hi, I am approaching the final year of my IVA in a few months time. I have recieved a letter from my IVA provider Stating that as its almost time to attempt to release equity, i must contact the firms chosen specialist mortage broker (the select partnership). Upon speaking to them it seems they specialise is successful equity release for people in an IVA (usualy through taking a second mortage on the property).

My question is, can the IVA company force me to use this specialist broker? they have stated on the letter "it is not possible to complete your IVA until you have engaged with our broker"

When i first took out the IVA i was sold it in the following way?

1. After 5 years i would approach MY CURRENT mortage provider for the equity 
2. They would say no because of the faild credit chek.
3. IVA would be extended to 6 years then completed.

Although now it would seem they are forcing me to use a specialist broker who they know can release equity. 

Any advice would be much appreciated. Thank you

I am also in the 5th year and in same position as you. I informed my IP that I will use my own FA to see if any equity can be released. All I have been aske dto supply is current mortage statement plus property valuation I will get from Zoopla. So in short no you dont need to use the designated one from your IP.

Neutrinno

dugma1975 said:

drew09dalt said:

Hi, I am approaching the final year of my IVA in a few months time. I have recieved a letter from my IVA provider Stating that as its almost time to attempt to release equity, i must contact the firms chosen specialist mortage broker (the select partnership). Upon speaking to them it seems they specialise is successful equity release for people in an IVA (usualy through taking a second mortage on the property).

My question is, can the IVA company force me to use this specialist broker? they have stated on the letter "it is not possible to complete your IVA until you have engaged with our broker"

When i first took out the IVA i was sold it in the following way?

1. After 5 years i would approach MY CURRENT mortage provider for the equity 
2. They would say no because of the faild credit chek.
3. IVA would be extended to 6 years then completed.

Although now it would seem they are forcing me to use a specialist broker who they know can release equity. 

Any advice would be much appreciated. Thank you

I am also in the 5th year and in same position as you. I informed my IP that I will use my own FA to see if any equity can be released. All I have been aske dto supply is current mortage statement plus property valuation I will get from Zoopla. So in short no you dont need to use the designated one from your IP.

It will actually vary from IP to IP. Within the last several years, some IP's have it written in to debtor's contracts that they will ask them to use a specialist broker to assess the equity clause. Refusing to do so could be viewed as a breach of the IVA terms.

Christologymum_2

I went through this last year with step change and they didn’t specify who I used, I just used Halifax online knowing I would fail the credit check. Which I did, screen shotted it and sent them and they accepted it and added another 12 months payments