www.iva.co.uk

Confused here. Just going through chairman's report and it states that in month 54 need to try to release equity or sell. It doesn't say anything about 12 month extension that I can see. It was always my understanding that this was the case and letters from PJG last review confirm that this is the case. Do I need to worry? creditfix have been trying to contact me and I just need to get my facts straight before responding.

Hiya, creditfix have also tried calling me today but from the other forum threads, it seems to be to see if we have received there red envelope regarding changing of the standing orders and have we returned and signed the new T&Cs....

Unfortunately regarding month 54 I will let one of the experts on here help you with that.

Thanks. Stomach churning here. I spoke to credit fix today they too asked about t&c and they are getting one of their closure team to call me tom.

This is possible especially if one of your creditors was HMRC. They do not like extensions and would demand a sale if you cannot raise funds any other way from the property. Does it say on the Chairman's Report who proposed the modification?

thanks Michael. Modifications are from HBOS and RBS all in relation to fees. I had my 4th review with PJG in August 2014 and have a letter clearly stating that if equity cannot be released the 12 month extension will apply.

Just re checked chairman's. Nothing on that in relation to equity. It just states that the dividend may well be enhanced in the event of equity release

Why does the Chairman's Report mention selling unless a modification was introduced?

Sorry for any confusion. It was a letter attached where there was a paragraph just saying re equity or selling. Which led to my misunderstanding.

Got myself into a bit of a tizzy here I think. If it were PKG I would not be stressing like this.

Sounds like you are okay and will just get the normal extension if there is equity. Sounds like panic over!

Thanks Michael. So pleased to have the voice of reason. Done nothing but read all these threads since the takeover. It's worse than when I first made the decision To enter an IVA in the first instance.

You are nearly at the end and no doubt will be glad when the final payment leaves your bank.

I hope it is as Michael explains. I would speak to creditfix to gain the definitive from your IP so that you can move forwards in the comfort of knowing what you have to do.