unless I agree to these mods

[charlie_]

Hi

Hi my first time.

My IVA was agreed in Sept 06, in March 07, I recieved a letter from my IP requesting I signed some modifications. The mods where relating to the equity of my property at the four year point. I didnt know or agree to this. What do I need to do about this as my IP is stating that I am not now in the IVA unless I agree to these mods. They didnt inform or agree this with me and therefore they are now telling me that I am now not in the IVA, unless I sign the mods, Where do I stand with this please. I have a meeting with them next week.?? I dont want to lose my home. Your advise will be appreciated.

[Adam Davies]

Hi
I,m afraid that we are hearing a few stories on this forum of people who have not been told about the fourth year equity clause until the creditors meeting.However in your case you are saying that you have never been told about it.
Did you get a chairmans report following your creditors meeting ? and if so was the fourth year equity clause not in that ?
Your options are to sign the mods,as requested,and you will have to release equity in the fourth year or to stand by your guns and not sign and therefore your IVA will be null and void and you will be back to where you started.You will have to ask your IP about what will happen to the contributions that you have paid in.
Are you sure that you did nt get a phone call on the day of the creditors meeting regarding modifications ?
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[MelanieGiles]

I suggest that you advise your IP that you are considering putting in a complaint about the way you have been treated. Unless you have properly agreed these modifications they are not valid. As a matter of interest if you had been asked to accept such modifications at the creditors meeting, would you have agreed or let the IVA be rejected?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[charlie_]

Both
Thanks for the quick response.

Melanie.
I am not sure if I would have accepted, as I didnt get a call to discuss them before during or after the meeting of crediters. My intial proposal stated that I didn,t and would be unlikey to have sufficient equity in my property for the duration and the remainder of the IVA. I had to provide 2 valuations for the proposal.

Andy
The first time I knew about these mods was March, the report of decision with the creditors,I presume this is the same as the chairmans report !!this states during the meeting, mods where proposed, but I had no call or confirmation of what they where. It was only in March that I recieved a letter requesting I signed the documents for these mods

I did get a call to say the IVA had been approved, but not any mention of these.

Both
Do I need to start all over again.I have wasted almost a year on this and been paying for over a year. ?? What happens if I complain ? I believe I will get a full refund.

Once again thanks for your help. I appreciate it. Learning fast, is the word of the day for me.

[Adam Davies]

Hi
I would have that meeting with your IP and see what they have to say,then take it from there.
Keep us posted
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[ray_a]

Sorry but I was under the impression that one had to agree to a modification. In addition the meeting is adjourned in order for the modifications to be agreed.

I can't see what has happened and surely the IVA was therefore not agreed!

[MelanieGiles]

You are correct here Ray, but I feel that this poster is in a catch 22 situation as they will not get an IVA accepted these days without an equity release provision. It is not excuse for bad professional service though.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[jpj]

Charlie
You state that the IVA says "you would probably have insufficient equity in your property for the remainder of your IVA" If this is the case why are you so worried about signing an equity release form anyway?
In my view,after paying for over a year I would just sign an equity release and keep my head down. with property prices slowing now,and remortgages getting tougher, chances are you might not have to release much/if any funds from your home in several years anyway!
JPJ

[charlie_]

All

Thanks once again for the response, Having spoke to our IP on Friday, they advises another supevisor will be taking me on to get the IVA registered? Not sure why it wasn't originaly I presume these mods have held it up. I will find out when I get the letter next week.

It look like I will have to sign the mods to keep the IVA open from last Sept rather than reaply or start from new. This is so frustrating.

If I make a complaint where will it get me. ??

Cheers

Charlie

[MelanieGiles]

There is something really strange going on here - sorry I do not understand this post. What do you mean that they are saying that another supervisor is to get your case registered? Check that you are listed on the Insolvency Service Register of IVA's - if not, then is sounds to me as if you do not have a valid IVA at all!!!

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[charlie_]

Melanie

Thanks

I am waiting for a letter to clear this up, I agree with you, I dont think I have an IVA that has been registered. I think with the mess up of the mods my IP didnt register it last Sept. I am not sure where I go from here. I beleive they are trying to get my IVA registered from Sept last year. I presume once I have signed the mods. Can they do this ?? or am I being led up the garden path.

Cheers

Charlie

[Adam Davies]

Hi
Have a look on the insolvency register,www.insolvency.gov.uk.
If your IVA is live then your name will be on here.If it,s not then your IVA is not in force.
Regards


Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[MelanieGiles]

Having considered this matter further, I do not necessarily believe that the failure to register the IVA makes it null and void - this could just be an oversight on the IP's part - for which he will receive a slapped wrist from the DTI, but the agreement made (if any) on the day of the creditors meeting may still stand.

I think you need to get the full facts of what has happened together. Have you been paying contributions into the arrangement since last September?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[charlie_]

Andy

It doesn't I have checked. Can this still be backdated from the date it was agreed though ?? (Sept 06) If it can't, then I presume the only option I have is to go though it all again. What will I get out of making a complaint against my IP. Is it worthwhile or waste of time. They surely have a duty of care as the experts.

The IP is telling me they can still register it. Can they ??

Cheers

Charlie

[MelanieGiles]

Your IP can submit a late registration, but will need to explain to the DTI why this was not done initially. The issue of registration is one for your IP and his regulator, rather than for you to worry about, but what I am now more concerned about is that you say that modifications were put forward which you did not agree to.

Can you confirm what dealings you had with your IP at the time of the creditors meeting? And what you did actually agree to with regard to the property.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk