debtors duties and proposals

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millsy22
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by millsy22 » Thu Jan 14, 2010 8:41 pm
hi to all hope all are well after the slog in the snow just a quick question regards something written in my iva under the above title
The debtor is required to meet any request for funds in relation to their main residence. In the event that they fail to carry out this request the supervisor may refer the matter to creditors,[?] feel a bit stupid but cant figure what this means can anyone help
thanks and all keep well

 

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MelanieGiles
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by MelanieGiles » Thu Jan 14, 2010 8:44 pm
What a very badly worded provision. I assume that it means something to do with an equity release over your property - did you agree to a final year re-mortgage in the event that there is equity in your property?

 

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kallis3
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by kallis3 » Thu Jan 14, 2010 8:44 pm
Hi Millsy,

Snow is now starting to go thank goodness!

I think what that means is that if you can't remortgage to release any equity, then you may be required to carry on for an extra time (usually 12 months) if the creditors so decree.

Hopefully Mel will be on to clarify that.

 

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MelanieGiles
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by MelanieGiles » Thu Jan 14, 2010 11:18 pm
It doesn't say that though - in fact it doesn't say much at all - a good lawyer would have a field day with such woolly script!

 

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MRBLUESKY
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by MRBLUESKY » Thu Jan 14, 2010 11:22 pm
seems like a very muddy water statement to me and unprofessional.

 

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millsy22
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by millsy22 » Fri Jan 15, 2010 7:47 am
hi i did have an areement to remortgage but at the very beginning when property was valued we were in neg equity and still are so not sure what they will want thanks for clearing it up a bit suppose will have to wait and see what they advise thanks everyone have a good day
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