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Posted: Fri Oct 07, 2016 12:21 pm
by Lexie
Hi just been informed in our 72nd month of payments that we have to try to release equity. Although we were aware of this we thought after 5 th year and not hearing anything about this they had automatically just made us complete a 6 th year of payments . Absolutely gutted to think we have another year of payments as on bread line making payments
Posted: Fri Oct 07, 2016 1:32 pm
by Foggy
Hi Lexie. It sounds as though you were in a 6 year arrangement from the start. Have a look at your Chairman's Report -- any changes will be detailed in there.
For the benefit of others in a similar boat --- silence on a matter from your IP means nothing other than they haven't mentioned it. The onus on complying to the terms of an IVA is on you, not the IP.
Posted: Fri Oct 07, 2016 3:03 pm
by kallis3
Agree with Foggy - hopefully you will have no equity so won't have to continue