Proposal

Get expert opinion. This is the place for new questions to be posted.
7 posts Page 1 of 1
Aisha
Posts: 25
by Aisha » Tue Nov 07, 2017 10:34 pm
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.
User avatar
Foggy
Forum Expert
Posts: 24151
Contact
by Foggy » Wed Nov 08, 2017 8:03 am
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.
Aisha
Posts: 25
by Aisha » Wed Nov 08, 2017 8:10 am
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.
User avatar
kallis3
Forum Expert
Posts: 72039
Contact
by kallis3 » Wed Nov 08, 2017 8:57 am
I agree with Foggy - I'd seriously consider going to a different company or get them to take that clause out.
User avatar
Foggy
Forum Expert
Posts: 24151
Contact
by Foggy » Wed Nov 08, 2017 9:31 am
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.
Aisha
Posts: 25
by Aisha » Wed Nov 08, 2017 9:40 am
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 :D
User avatar
Foggy
Forum Expert
Posts: 24151
Contact
by Foggy » Wed Nov 08, 2017 9:43 am
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 :D


Good news -- pity it happened, but we are all human. Communication is key and saves the day yet again :-)
7 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”

Who is online

Users browsing this forum: london_lady and 10 guests