4th Year equity clause

[beckyj78]

Help!! I am seriously confused.Can some explain this 4th Yea equity clause because I think we may have been stitched up royally without knowing. We have to pay off an additionaly £5000 at the end of our IVA (in 4th year) from equity in our house. I did challenge this at the time but there was nothing I could do about it. I was told it was just £5000 mind you they only told us about the 50% of increased earnings after it was all agreed so that sums up the great company I am with. I am trying to come up with a settlement figure for our IVA as we originally owed £35400, we have payed off £12000 already. We were hoping to remortgage our house to make an offer - including the £5000 we would end up paying back £27980. What does this equity charge mean for us and wha isa reasonable amount to offer. Any help desperately received because I am soo sick of our IVA particularly the lovely people running our account.

[MelanieGiles]

Becky

You will need to post the exact wording of these clauses in your proposal for us to be able to help you further.

Which IP firm are you with? And please post the exact advice they gave you at the time you agreed to the equity provisions.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp