Melanie. Apologies. I refer you to your response on Sept 25th at 22:16:00. You say that the 85% LTV consideration is taken into account. DFD say that the available equity needs to be under £5000 of 100% LTV (not 85% LTV) for the property to be excluded from the arrangement and the term not extended.
I have received this response from DFD today:
Dear Richard
I refer to your email below.
The modification is split into 2 different clauses.
1) The property must be remortgaged to 85% LTV, currently lender’s will not consider this and the maximum we are able to achieve is 75% LTV so you will be unable to comply with this modification, should you be able to raise equity this would be offered in full and final settlement of your Arrangement.
2) The section referring to the equitable interest being less than £5,000 does not mention the 85% LTV and includes the wording (gross), therefore this relates to the whole of the equity.
This modification is a common term and this is how creditors have requested we apply it.
Should you have any further queries please do not hesitate to contact me.
Regards
Whichever way you look at this they've got me over a barrel
