First, do you have equity to be addressed ? You might not even trigger the clause -- but this WILL have to be investigated.
If you DO trigger the clause --- could you get a lump sum from friends and family to cover the 12 month extension in a full and final offer ?
darcus30 wrote:I think tbere is some equity. Sadly my family are not in a position to help out.
Ill send it in and see what happens my gripe is that when i first took it out im sure i was told 6 yrs and that would be it. Im hoping that these calls are recorded.
Thanks guys for your input
Calls are quite often recorded --- but, regardless of what might have been said, the clause is in your proposal and you signed it, having read, understood and agreed to it.
Check the valuation, method they use to calculate equity and get a redemption figure from your lender. If you can prove your share of the equity is less that £5000, assuming you have the standard clauses, the clause won't be triggered anyway.
Also I don't recommend you 'ignore it'. That will result in the failure of your IVA, potential Bankruptcy and potential repossession and sale of the property (on a worst case scenario).
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