receipts and payments,what now

[deanno]

Hi,
Received a statement of receipts and payments for the year to 31/01/2009. (IVA started on the 01/02/2005)Is this what they call the annual review. Also states at the 4th year anniversary we were 2 months in arrears.I know we have a clause that states if 3 or mre in arrears than my creditors will push for BR.I also have the 4th year equity release but i haven't done anything about this yet. Should i do this or does the IP get the ball rolling on this. My IP is Mark Bassford at Grosvenor Partners LLP. I thought i was doing ok until this came through the door, i now feel i'm back where i started.I have been paying £300 a month, but according to the R and P paperwork there is only just over £8000 to be paid out after £6000 is taken in costs. Seems a bit excessive, but then i guess there are yearly costs and not just a one off cost.Just need some advice please.

Thanks,
Dean

[deanno]

I have emailed my IP as well, just waiting on a reply.


Deanno

[kallis3]

Were you aware that you were in arrears Deano? Have they said what these arrears are for?

I would wait at the moment to see what your IP says when he comes back to you.

I think you need to ask about the equity clause as well and what you need to do about it.

[deanno]

Quick update, received reply back from my IP and all is well. Payments not missed just slightly late and have been told not to worry.Regarding the equity release I have to supply a valuation by the 54th payment.The IP will then decide the best course of action. So i'm happy again.[:D]


Deanno

[kallis3]

Great news Deanno, hope the equity release works out ok for you as well. You're on the downhill stretch now.

Good luck with the rest of your IVA and don't forget to keep popping back.

[David Mond]

Good news then Deano - this was a pre Protocol IVA where the fees were very much higher and went through on the nod - they now don't - but their fees don't affect the position with what you pay.

[MelanieGiles]

Mark is one of the best IPs I know - so if you have any queries about your case I am sure he would be happy to assist. You will need to start looking at the equity release provisions as you are now into the fifth year of the IVA.