5k Deminimus Clause - IP wants an extension

[Michael Peoples]

The equity is estimated at the beginning but the extension or release is based on the amount available at month 54. It can go up or down.

[Til]

I agree with your earlier post Michael - something as important as the equity release valuation should surely only be done by a 'real life' valuation. Aside from those being asked to extend based on wrong figures... there must also be creditors missing out on those properties where Zoopla and the like undervalue.

[MelanieGiles]

In the case of my property it is grossly undervalued - so Til's point is very relevant from a creditor perspective as well.

[Til]

Well, I am happy to report that, with the help of Judith at DFD, and the aide of 2 estate agents written valuations, we have now proven that we have no equity (we're in negative equity in fact) and so our IVA will NOT have to be extended. Judith confirmed it to me in writing this afternoon.

I am so relieved [:I]

[Michael Peoples]

Great news and well done to Judith. Roll on completion.

[Foggy]

Excellent news Til -- and a salutory lesson for others going through the same process.

[Til]

Thanks Michael & Foggy - yes certainly goes to show that valuations really should be done in person by a professional for something as important as the equity issue.

[MelanieGiles]

I could not agree with you more Til. Glad to see that you are nearly at the end of the road with all of this.