Proposal

[Aisha]

Hello just been reading over my proposal and have come across this section. I dont really understand what it means. Does it mean i will have to get a remortgage for that sum?

I undertake to introduce a lump sum payment of £-17,880 into my arrangement that being the proceeds from the remortgage of my property, payments will be made before the completion of the arrangement.

If anyone would help please, i am worried i will have to remortgage. I cant speak to my company until the morning and i am stressing out.

[Foggy]

First -- is this actually entered as a minus figure ? Are you currently in negative equity. Second: Regardless of that I would not agree to an IVA with that clause in it. Considering that no-one can predict what will happen to property prices or your ability to raise any equity at all, it is wholly unreasonable.

[Aisha]

Thanks for the reply

Yes it is entered as a minus figure at the moment i have just over £7000 of equity in my property as it is a joint property. So i was really confused when i come across that yesterday.

[kallis3]

I agree with Foggy - I'd seriously consider going to a different company or get them to take that clause out.

[Foggy]

I am surprised if this is McCD. Strikes me as an odd clause to insert. Hopefully they can explain / justify it. I would be interested to know.

[Aisha]

Thank you for your replies.
Yes it was McCd, i have just spoken to them and they have explained it to me. It was entered incorrectly and they will be sending out a new adjusted proposal today without that clause. Feel alot better now

[Foggy]

Thank you for your replies.
Yes it was McCd, i have just spoken to them and they have explained it to me. It was entered incorrectly and they will be sending out a new adjusted proposal today without that clause. Feel alot better now

Good news -- pity it happened, but we are all human. Communication is key and saves the day yet again