That's certainly a new slant on the £500. Equity in the property and £500 to pay. Wonder what would happen if the value dropped!

The sooner this £500 nonsense and the numerous variations of it are formalised the better for all concerned.

Mark

I had to pay the equity but when I asked about the £500 was told as I had paid the equity, I didn't have to pay the £500.

I cannot remember reading in a thread here where there was equity to pay and a £500 payment.

Sounds like a cake and eat it scenario.

Hi TDA

Sounds more like a cake & at it scenario!

Mark

Some trustees /IP's are representing the industry in a poor light, that's the second time I've heard of equity and £500 'protection' being paid. Then we were told to pay £500 each for each property plus valuation fees.

creativity applied to the detriment of clients!

Thankfully by no means everywhere RBSB.

Yes, for sure!

I've even heard of one apparent debt expert applying the same 'rule' to cars.

For the avoidance of doubt, the cars in question were not your classic car, DB7 or the original Chitty Chitty Bang Bang. Although after hearing the full 'expert' advice, seeing a flying car would not have been that unusual!

Mark