This solution for equity release seems a little unfair. Have I read the agreement correctly ?

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Nigel.rn

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Post by Nigel.rn » Tue Jul 21, 2015 5:50 pm
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my IVA was due to end Oct 2015. there was a provision for a 10k equity release, as this was not achievable the iva is set to continue for a further 12 months at the normal amount of £2350 pcm. seems a little unfair as 10k would of settled it this year. unless i've not read the agreement correctly
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Foggy

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Post by Foggy » Tue Jul 21, 2015 6:08 pm
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The extension should be capped at the amount of agreed equity, unless you have agreed otherwise in the arrangement. Check with your IP
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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Adam Davies

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Post by Adam Davies » Tue Jul 21, 2015 6:15 pm
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Hi

Clarify this with your IP

Does the wording of your IVA allow for a third party lump sum of 10k instead of remortgage or extension ?

Regards
Andam Davies
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Michael Peoples

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Post by Michael Peoples » Wed Jul 22, 2015 9:03 am
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It does seems excessive unless there is more equity now than originally estimated. It does depend on the terms of your IVA.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
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