I went into an IVA in 2007 and my IP told me I had to release all the equity in my flat. My mum very very very kindly paid the 50k equity into the IVA. Since then, ive learnt that only 75% of the equity is normally payable.
It is not usual for anyone to release the equity until year 4 of their IVA, and then not all of it.
If the whole of the £50k was paid into the IVA, is it still running and if so, how much did you owe?
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I have a lot of issues with my IP. My IP has stopped communicating with me and is refusing to answer my questions about my doubts how it has all been administered. I owed a lot. Yes, its still running
Hi Billy and welcome. Have you actually spoken to your IP about this or have you been unable to told that you can't speak him/her by admin staff?
If you haven't been able to speak to them it might be worth emailing your IP personally - you can find their email addres on the find an IP section of the Insolvency Service website.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
i sm really loathe to mention them on here to be honest, as they may be reading all this, and yes, im getting paranoid. i know it is very hard to beleive that an IP could be dodgy, but im starting to beleive in my circumstances it may be true. Like i say, the equity release is just one complaint i have. getting worried!!
It certainly sounds as though something isn't right here.
One of the professional experts who post on here will probably be on shortly, and they may be able to give you more constructive advice than I can.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I've certainly not heard anything like this before Billy. I can't remember anyone posting about it either.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
thanks Skippy and thanks for your comments, im goin slightly insane thinking its just me, but posting here has helped a lot. I mean, you are supposed to trust implicity your IP i thought
