Really sorry, another Query!

[Worried Man]

Sorry to ask yet another question but I am in receipt of my chairman's report and I am confused. To recap, I had a F&F settlement agreed by creditors recently. However, in reading the modifications there is reference to: a) 4th year equity release, b) duration not exceeding 72 months, c) annual review of income and expenditure. Other modifications appear standard stuff from what I can make out from posts on this site - limit of IP costs, need for meeting if debotor wishes to reduce contributions etc.

My confusion is around a -c above. Duration of IVA is 6 months with further 3 months for administration. To be fair to IP I suspect standard template used and human error let standard paragrahs through or have I got my understanding of a F&F setllement all wrong?? In the event there has been an error how is it corrected given legal status of report?? I will be asking the same questions of my Supervisor but anxious and was hoping sleepless nights were behind me!

[Adam Davies]

Hi
I think the same as you,it,s a template thats used and certain standard clauses have been left in.
A bit sloppy ,I have to say, but speak with your IP in the morning.
You have nothing to worry about.
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]

Absolutely amazed that your IP has put these modifications into a Chairman's Report for a variation meeting without querying them. I would put money on it that these modifications have been submitted by Max Recovery, who always submit votes for variation meetings (Well done Max Recovery!), and it appears that these may be their standard normal modficiations. Yes this is undoubtedly an error, but one which should have been sifted out in the IP's office to be frank.

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

[Worried Man]

Thanks both. And Melanie, you are right Max Recovery did vote! Is it something that needs to be corrected in writing by the IP. The last thing I want is creditors on my door in 4 years time!