Chairmans report v Proposal

[Rainbow]

Hi All

Just need to clear up a bit of confusion I think! I thought rightly or wrongly that the modifications contained in the chairmans report overrode what was in the proposal? Can someone clarify that please?

Point in question is our proposal said that we would make an extra 6 payments to cover any equity in the house = 66 payments. On the day of the creditors meeting it the remortgage clause at month 54 was put in - Which I understand but also it stated that 60 payments to be paid and the IVA completed in 63 months. Had a communication from our case worker this week which stated that the payments would still run for 66 months unless we could remortgage when I questioned the modification about 60 payments she said unless we could remortgage to an acceptable sum (although it doesn't say anything about an amount in the chairmans report) we would still have to pay for 66 months.
So now I'm well confused [?] Please help
Thanks
Rainbow

[Adam Davies]

Hi
Sounds like you will have to try and remortgage in month 54 or if unable to will extend your IVA by six months.
The Chairmans report does overide the proposal
Regards

[Rainbow]

You see that's where I get confused Andy - The proposal said and extra 6 payments for equity. But than along came the Chairmans report and that says about the remortgage in month 54 and that a meeting should be called if I could raise the funds but didn't proceed which I understand.

Then further in the chairmans report it says that the IVA should run for 60 months and be completed within 63 months thus as I see it doing away with the proposal that said an extra 6 payments. But the administrator told me that creditors put standard clauses in on the day that are standard and don't apply to everyone. Hence the confusion.....

[plasticdaft]

I am paying extra payments into my trust deed to cover the equity in the house,thereby not actually having to release equity. I wonder how many IVA's are doing the same,given that its getting rather hard to release equity during an IVA??

[MelanieGiles]

The conditions of the Chairman's Report do override the proposal terms - so I think that a 60 month IVA is correct.

[Rainbow]

Thanks Melanie - Glad to have sorted out the confusion. I will wait till nearer the time and see what happens then - But just really wanted to clarify for myself really that I was reading it right and hadn't lost the plot, well not about this anyway!!!
Rainbow