Should my IVA be extended

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paul569
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by paul569 » Fri Aug 31, 2018 9:02 am
Because I have equity in my property the IVA company is demanding they extend the term by a further 12 months this was never explained to be by the salesman at the time although I did sign the agreement neither is it highlighted in the contract is there anything I can do
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Foggy
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by Foggy » Fri Aug 31, 2018 9:22 am
This is common practice and will be referred to in your proposal and in the terms and conditions under "Equity Release". This is the least onerous alternative that could be applied ... the others being a re-mortgage to release cash equity to your creditors or a secured loan for the same purpose.
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Ryan
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by Ryan » Fri Aug 31, 2018 9:28 am
I echo Foggy's words. I would add the fact you referred to the person as a 'salesman' does I think hit the nail on the head as to why people aren't getting told all the facts. we hear it quite a lot unfortunately.

Regards
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Lisa Thomas
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by Lisa Thomas » Fri Aug 31, 2018 1:21 pm
Watch this:

https://youtu.be/PHfc85n39U4

Check the terms in your IVA.

Then get the property valued to establish whether the equity level is sufficient for the clause to kick in.
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