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Equity release
thewad
Posts: 348 Forumite
Around 20 months ago I took out equity release through a recommended financial advisor...on the phone questionnaire we filled out the form but I omitted to mention my DMP that I had been on but which ended 3 years previous to equity application....2 weeks later I rang him back and admitted that I had been on a DMP to which he replied "no worries, I'll inform them but it shouldn't affect the outcome"....no problems there and I got my drawdown.......fast forward to today I got the form for another drawdown and one of the questions is "have you ever entered into arrangements with creditors"........the no box is highlighted in white and the yes in red and obviously the answer is yes because I was on a DMP.......all the other questions the right answer is the white box......I'm now worried he hasn't told them about the DMP and the consequences of that.....or should I just tick the yes box and send it off?
If God didn't want us to eat animals, why did he make them out of meat. :beer::beer:
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I can't contact the firm to find out the name of the advisor because they went into liquidation 3 months ago.If God didn't want us to eat animals, why did he make them out of meat. :beer::beer:0
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They may have just reissued the template of the original form. I don't do equity release but know several providers on the bits I do who regenerate the original details rather than any later adjusted ones.
Normally with equity release, they ask that question to check the DMP has ended and debts repaid as agreed. You say it is. So, that should not be a problem. Other lenders will restrict what they will lend you if the DMP is still in place.
I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.1 -
So I should answer yes to "have I ever entered into any arrangements with with creditors" and "defaulted on any loan credit agreements".......just frightened of the consequences if he hasn't actually mentioned the DMP to them.If God didn't want us to eat animals, why did he make them out of meat. :beer::beer:0
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Think I answered my own question there it's a yes to both.......he did ring back and say it was fine but it's just that lingering doubt.If God didn't want us to eat animals, why did he make them out of meat. :beer::beer:0
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Not sure how to play this....should I ring the lenders and check that they have my DMP on record first or just tick yes to both questions and send it off and see what transpires.If God didn't want us to eat animals, why did he make them out of meat. :beer::beer:0
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