www.iva.co.uk

Hello just been reading over my proposal and have come across this section. I dont really understand what it means. Does it mean i will have to get a remortgage for that sum?

I undertake to introduce a lump sum payment of £-17,880 into my arrangement that being the proceeds from the remortgage of my property, payments will be made before the completion of the arrangement.

If anyone would help please, i am worried i will have to remortgage. I cant speak to my company until the morning and i am stressing out.

First -- is this actually entered as a minus figure ? Are you currently in negative equity. Second: Regardless of that I would not agree to an IVA with that clause in it. Considering that no-one can predict what will happen to property prices or your ability to raise any equity at all, it is wholly unreasonable.

Thanks for the reply

Yes it is entered as a minus figure at the moment i have just over £7000 of equity in my property as it is a joint property. So i was really confused when i come across that yesterday.

I agree with Foggy - I'd seriously consider going to a different company or get them to take that clause out.

I am surprised if this is McCD. Strikes me as an odd clause to insert. Hopefully they can explain / justify it. I would be interested to know.

Thank you for your replies.
Yes it was McCd, i have just spoken to them and they have explained it to me. It was entered incorrectly and they will be sending out a new adjusted proposal today without that clause. Feel alot better now

Aisha wrote:

Thank you for your replies.
Yes it was McCd, i have just spoken to them and they have explained it to me. It was entered incorrectly and they will be sending out a new adjusted proposal today without that clause. Feel alot better now

Good news -- pity it happened, but we are all human. Communication is key and saves the day yet again