Fri Jun 05, 2020 4:29 pmcbdawg wrote:
I find that so wrong that they may automatically just apply the 12 month extension.
I agree that I probably wont be able to remortgage but if theres no equity then it should stop there rather than just applying the 12 month. I'll have to see what March brings.
I apologise --- having re-read my reply, it didn't hit the page in the same way as it left my head!
What I meant was that, in the light that a remortgage would not be possible due to co-ownership with an H.A, they should assume the extension without the need to jump through the applications and refusals for loans --- of course, a valuation would be needed to see if the clauses would be triggered in the first place.
If there is no equity ( less than £5000) the release clauses are not triggered at all and the IVA stops at the end of the 5th year (assuming an intitial 5 year term). If there is
equity ( over £5000) and it cannot be released, then
the 12 month extension applies. These are the terms you agreed to at the outset, there is no automatic application of the extension outside of the terms agreed.
Spending the last 10 weeks alone, in isolation, with a 13 year old aspie and
home schooling is beginning to dull my thinking !!