Hi all, I have another question if someone could help.
In my original proposal my equity in my property was not included, it was very little so proposal did not include this.
I have now paid all the payments 72 months in total. My last meeting to end IVA is in August. (my last payment was in FEB 2012).
The reason it has taken so long is IP first put in variation report to extend for another 12 months to cover my equity, even though I argued this asset was clearly not agreed in the IVA , IP told me It was not in proposal but was in the modifications letter.
I never agreed, or signed this and IP are currently looking into this for me, as they too cannot supply any confirmation that I signed and agreed to this either, but they are still sayin it is in the mods.
Can someone advise me on this please. An experts advise would be really appreciated.
I'd be surprised if you didn't receive a letter. Mine came about a month after the iva was accepted I think. To be honest, it wasn't something I took much notice of as I had no idea it was so important - I was just pleased to be in the iva!
Is the equity listed under excluded assets in your proposal?
I am unclear how you could not have agreed to modifications put forward by creditors at the meeting. These would have had to have been discussed with you on the day of the meeting, as you are the only one who could have agreed to them, and this should have been confirmed with you in writing before the meeting procedures had been concluded.
Modifications cannot be incorporated into the IVA contract a month later! They have to be confirmed before the meeting concludes - ie on the day, and evidence of the discussions held on the IPs file copied to you. If you didn't agree that the property had been included in this manner, why did you agree to extend the term of the IVA at the 60 month period?
Thanks for your reply. I agreed to extend the term to 72 months as my husband became unemployed and the monthly payments dropped. A 12 month extension was agreed to cover the drop.
In my proposal it definately states that equity is not included. Ip has advised that it was not included in proposal but was agreed in the meeting. They advised this was then sent too me in modifications letter.
They have advised today they will send me the modifications letter but it is in archive and will take 7 days to get it.
I may well have signed something, but I definately have no copy of it.
I hope I'm making sense as I'm really confused with this one myself.
If your firm record calls, they may have a recording of the conversation on the day of the creditors meeting as it would have been agreed verbally before the letter was sent out.
Hope you get sorted soon so you know where you are with it all. x
The results of the creditors meeting, incorporate modifications agreed between you and the debtor, and anything agreed at that point overrides the IVA proposal - in reality the modifications get incorporated into the IVA as if they were proposed in the first place. Hopefully your IP will be able to send you a copy of the paperwork, so that you can see what you did actually agree to at that time.
