These days the creditors expect you to try and release any equity in your property. If it was excluded, they may well add an equity release clause as a modification.
No, the creditors will want as much money back as possible, and will want you to release some of your equity to achieve that.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
It seems to be a standard clause now....releasing equity wasn't in our original proposal but as Skippy says, it was a modification that we had to agree to.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
If you could pay back 100p in the pound without it then I suppose you could ask for it not to be included but theres not many that can offer a full return to creditors,or an acceptable return without using equity or a 6th year of payments.
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
