IIs my trustee right?

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Post by david.mc » Fri Jun 04, 2010 6:01 pm
I am in an IVA now. I said I would raise £70,000 equity release by a mort. to get the IVA accepted by the creditors. My trustee said provided I applied for the morg, but proved it was refused, all I had to do was to continue my payments for an extra year at £300 per month (total £3600)and that would be all I had to pay.(instead of the £70,000 plus interest) We all knew the extra morg. would be refused because the equity after existing charges on my house was virtually nil, I did not have the income to support the extra morg and my credit rating is damaged by the IVA. Is my trustee right?


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Post by MelanieGiles » Fri Jun 04, 2010 6:50 pm
Do you mean Trustee or Supervisor? Are you bankrupt as well as being in an IVA?

If the Supervisor is telling you this is correct, I would not second guess that decision which seems to work to your advantage, but presumably your creditors will get a lot less return than they were anticipating?
Regards, Melanie Giles, Insolvency Practitioner
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