On that wording alone I would hazzard a guess that they would use the latter of my two examples above and the clause will be triggered. However, do check for reference to the Protocols usual method. If you are with Aperture (formerly GT) then they will definitely go for method two as this is their default.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Andy.79 wrote:I'm with Harrington brooks if that helps, Is it just as simple as ringing them up and asking them What there method is?
I am sure they will explain how they calculate equity ---- the clause you have is often used in conflicting equity release provisions and, even with it in place many IP's still use the favoured method ( first of my examples -- which is the one you need).
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Andy.79 wrote:Thanks for that, just one more question does it make a difference if it's a joint IVA between my wife and I?
Another bone of contention ( isn't it always?!). The accepted "norm" is for you to be allowed £5,000 de minimis each --- so the trigger would be if there is more than £10,000 of equity in all. However, some IP's ( totally incorrectly, in my opinion) insist that it should still be £5,000 overall between two interlocking IVA's ( treating them as a "joint" IVA --- which doesn't exist ).
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Rang HB up and asked how they calculated the equity release and they confirmed that they calculate it as per your second example
Sent all the info off to them anyway,
Had a letter back off them today and they've calculated it as per your first example so no 12 month extension
Thanks
Andy
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
thanks foggy, I'll let you know how I get on
