Equity release/6th Year & Northern Rock

headstuckinsand

I've been reading on here that Northern Rock have a tendency to ask for a 6 year term if they have over 25% of the debt as they know they have you over a barrel.

My question though is if they do ask for 6 years and I accept it do they still do the equity check in year 4 and potentially add a 7th year on if you cant release equity?

Thanks

Charco_2

I believe so yes.

Almost criminal that a company that had it's hand out for a rescue package from the government/us not so long ago is the company that is practically hardest to deal with when it comes to other people's debts!

IVAs were previously a three year arrangement which was increased to five years simply by common practice of the banks...

Charco_2

Do Northern Rock make up 25% of your UNSECURED debt?

headstuckinsand

Yes, about 36% in a loan.
Roughly 40% is Lloyds TSB and the rest is spread across barclaycard, mbna and capital one.