Hi Thanks for your response its really useful to hear someones take on it. I spoke wiht my local MP secretary today and basically tehy wont get involved, but gave me some good advice as to when it gets to court. The case is going to the Ombudsman as you say not entirely sure what will come of that but im all for trying everything now its come this far. The IVA has been maintained yes so far but in my last response from FP they mentiioned that i was paying the IVA, so had to take their point and will now see if i can maybe put it on hold pending all this. Im not sure why Firstplus arent accepting the facts, the have given me the only reason they will not release the security is because of affordability this has been proved by financial statements produced by Shelter and are 100% true and accurate, tehy have tried manipulatiing them and everything and still saying its affordable when clearly it isnt. On the note of the shortfall being so large and u are surprised they agreed, 12 mths ago when this was mentioned the adviser at Shelter wrote to both charges telling them my intentions outlining the rough figures and the response we got back was that they had agreed in principle, ok in principle but the figures havent changed they have let me get this far 12 mths down the line and say no bit unfair really. It just seems very unfair to potentially put us on the streets for absolutely no benefit to them. Thanks and hope they overturn it but dont hold much hope lol

Hi Many thanks for responding and apologies for late response, i didnt realise someone had responded. The position now is that ive done absolutely everything to try adn get Firstplus to overturn their decision, every step of the way they havent looked at the big picture and taken snippets from everywhere instead of looking at all the facts and ultimately decisions ahve been made on false figures, false information etc etc. I have even written to Commercial Director and thats got declined also on affordability, the financial statements were produced by Shelter and are a true reflection of my circumstances and my ex husbands we clearly cannot afford the repayments and in turn the loan is majorly in arrears. MY first charge stands to lose 27k but happy for it to be taken into a modified IVA, which in answer to your question has all been agreed prior to these problems with Firstplus we would then just pay over the remaining term with Santander and Firstplus forming part of it. Makes perfect sense to me as the loan was given on 120% ltv so never in its lifetime will it raise enough equity to fully repay both charges and whatever happens FP will stand to lose near enough 100% of the debt. so seems very pointless to gain nothing but put a family on the streets. The case is now being forwarded to the Ombudsman for consideration as the reasons arent justified at all however, i realise he cannot make them change their mind but worth it for a last ditch attempt. Have thought about going to my MP but what can he enforce? suppose anything is worth a shot. The first lender is happy at the moment even tho there is arrears on the account we are making a very small contribution as my theory is if we keep them happy then they may not be inclined to take any action given tehy will stand to lose more money in repossesion. There are no court actions at present althought FP have threatened an outright possesion order but then contradicted themselves by saynig but we wont take your home??? is there any alternatives to ordering me out?? Thanks in advance for any thoughts on this situation

Hi Thanks can you recommend which forum Its best placed? Thanks

Hi Thanks can you recommend which forum Its best placed? Thanks

Hi Not entirely sure if this is the correct forum for this type of post however, any advice would be greatfully received. I am currently in an interlocking IVA with ex hubby, in joint property with 2 children with morg and secured loan. House worth 100k approx, first charge owed 94k second 50k so as u can see major neg equity, loan was given in 2005 when they were giving 120% ltv. Meantime husband left me with 2 children and cannot pay both liabilities and neither can he as he is now paying for rented flat. Went to shelter for advice they recommended MRS, first charge agreed no problem and to a 27k shortfall, Firstplus refused based on figures they amended themselves on our i&es and a valuation they say is 15k more than anyone elses. I understand they stand to lose 50k which is a massive amount of money however, in whatever circumstance they gain to get nothing and actually if they agreed to MRS i can put it into my current IVA arrangement and they will get a return albeit small. If the house is sold market value they will get nothing likewise if it gets repossessed. So altho i can see their issue they stand to benefit nothing at all by blocking the scheme, they are putting me and my family on the streets for nothing and its very frustrating, i have asked for a review and provided written backing from Shelter, my LA and Insolvency Practitioner all trying to point out from different angles the situation but as yet they still wont bend. I can no longer pay the loan so just making sure the first charge get paid as they have been fantastic and very supporting, so going to get alot of hassle now and they will more than likely go for repossesion however, not sure how a court would take it given ive accepted i have a problem, tried to address it and FP have said no. I realise the ombudsman cannot make them overturn their decision but my solicitor said they can make it known what the beat course of action is maybe that may help i dont know. I also intend to go to the Financial Ombudsman and realise that he cannot change minds but strongly reccommend they do. Very worrying times any thoughts would be great.