Posted: Mon Jan 14, 2008 10:02 pm
Help!! I am seriously confused.Can some explain this 4th Yea equity clause because I think we may have been stitched up royally without knowing. We have to pay off an additionaly £5000 at the end of our IVA (in 4th year) from equity in our house. I did challenge this at the time but there was nothing I could do about it. I was told it was just £5000 mind you they only told us about the 50% of increased earnings after it was all agreed so that sums up the great company I am with. I am trying to come up with a settlement figure for our IVA as we originally owed £35400, we have payed off £12000 already. We were hoping to remortgage our house to make an offer - including the £5000 we would end up paying back £27980. What does this equity charge mean for us and wha isa reasonable amount to offer. Any help desperately received because I am soo sick of our IVA particularly the lovely people running our account.