Melanie I would say that you are far from old and crusty!! But thanks for the reassurance.

Thanks Melanie I didn't doubt that his advice was good - I was trying to get my head around it all and after I reread the proposal I then thought to myself does this mean that if I can't realise any equity (Obvioiusly I cannot determine that for sure until the 54 month) the proposal would then kick ...

Thanks Melanie for the response yes we did agree to the modification on the day. I was just wondering about it as per Pbeck's previous advice as there is unlikely to be equity in the house there will not be a meeting called and we won't have to release equity. My brain then jumped to does that mean ...

Sorry one final question about equity and proposal - Does the Chairmans report override what was put in the proposal? our proposal states that I agree to purchase the equity in my home by way of an additional 6 monthly payments of £507, therefore realising the sum of £3,042, for the benefit of my ar...

Final paragraph says that should the debtor be unable to realise his equity in this manner the supervisor must convene a general meeting of creditors to consider the debtor's options. Does this sentence really mean that its only if I don't co-operate? The way I read it was if we couldn't remortgage ...

Thanks very much PBeck - So what do you think will happen given the last statement in the chairmans report about supervisor calling another meeting of creditors to discuss my options? It also states in the Chairmans report that the IVA payments are for 60 months and that all monies have to be paid o...

This equity release clause confuses the hell out of me to! Our Chairmans report states After month 54 we have to provided two valuations for remortgages etc. 85% LTV less our secured loan currently £45K - The mortgage offer must take into account the debtor's ability to afford the mortgage payments ...

Hi all, I started my IVA in October and looked on my credit file with Experian over the weekend - My IVA is listed but what alarmed me was that most creditors are continuing to report each month that the payments are behind which as I read it means that if they continue to report for the whole 5 yea...

Hi Can any of the insurance people help please? We have to terminate our endowment policy for our IVA and have been discussing this with Norwich Union who advise that currently they are in talks to do a fund transfer and reattribution and they should now this outcome by spring next year. Do you thin...

Could I have a copy to please Sue.

Thanks Melanie, I made a mistake, I was thinking about 60 months and wrote 6 - it should read 5.5 years the extra 6 months is to fund the equity in the house. Can I just ask another question please? We are at the stage where the draft proposal arrived yesterday if we decided to change IP's or not go...

Hi Melanie - No we are not offering a lump sum settlement through the IVA the proposal includes £19K plus payments of £500 per month for 6.5 years - I think we had got it into our head that because MBNA keep writing to us saying they would settle for a much lower figure, we would write to them all a...

Thanks for the replies - The experts appear to be saying stick with IVA proposal we have 7 creditors in all with debt of £120K (Makes me go weak a the knees!)
I guess we should sign the proposal and return it then!

Hi all I have been watching this forum for some months now whilst my IVA was being prepared. I'm amazed at how much my return to creditors have been reduced by IP fee's - So my question is I have found another site that gives you example letters to send off to creditors to offer a full and final set...