Who decides if Annex 69.5 is included. Is it automatically included for home owners ?

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Spider8

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Post by Spider8 » Sat Aug 15, 2015 3:37 pm
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Equity Clause - Annex 6

9.5 A clause detailing the above as set out in Annex 6 is to be included, where appropriate, in the individual’s proposal and the summary sheet (Annex 5) will identify that this clause is included.

The above clause States "detailing the above as set out in Annex 6 is to be included"

Who decides if this clauses is included - is it automatically included if you are a homeowner? Or the creditors or IP?
And why is it so badly worded as it's not as it says detailing the above?
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Adam Davies

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Post by Adam Davies » Sat Aug 15, 2015 4:46 pm
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Hi

It is quite normal to have an equity clause within an IVA proposal if you are a homeowner, the creditors would expect this in any proposal

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Andam Davies
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Spider8

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Post by Spider8 » Sat Aug 15, 2015 6:09 pm
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So Annex 6 is automatically included if you are a homeowner?
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Spider8

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Post by Spider8 » Sat Aug 15, 2015 6:19 pm
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The reason I ask is that I have a copy & paste of Annex 6 in my proposal.
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Adam Davies

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Post by Adam Davies » Sat Aug 15, 2015 6:23 pm
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Hi

Proposals can vary from one IVA to another too be honest

What is the actual wording of the clause that concerns you ?

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Andam Davies
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Spider8

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Post by Spider8 » Sat Aug 15, 2015 6:54 pm
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Clause - Annex 6

My proposal has a straight copy & paste of Annex 6.


Protocol 9.5 - States "detailing the above as set out in Annex 6

Who decides if Annex 6 is included -
Is it automatically included if you are a homeowner?
Or the creditors or IP?

And why is Annex 6 so badly worded as it's not as it says at 9.5 - detailing the above?
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Spider8

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Post by Spider8 » Sat Aug 15, 2015 7:10 pm
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The wording from Annex 6 can be interpreted in different ways.

9.5 a clause detailing the above as set out in Annex 6 - well Annex 6 is not worded as it says at 9.5 - detailing the above.

So who decides if this Annex 6 clause is inserted & how should it be interpreted?
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