no contact whatsoever from the IP

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Post by Marie.84 » Mon May 10, 2010 9:44 pm
Hi everyone,
I posted a question earlier but I have another. In my IVA contract it states there should be a valuation of my house in the 4th year of the IVA and the 5th year used to pay off the final amount. This has not been carried out by my IP and the IVA finishes in August 2010. I have had no contact whatsoever from the IP apart from the annual report up to August 09.
What is my position? Any ideas?
Thanks in advance!!


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Post by Shining » Mon May 10, 2010 9:47 pm
hi Marie, contact your IP direct as you will be responsible for getting the valuation is how I understand the equity clause. Hopefully it can be sorted with a quick call and they will instruct you hopefully what to do. x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.


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Post by kallis3 » Mon May 10, 2010 10:05 pm
If you have problems contacting your IP, try goin via this link:
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.


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Post by MelanieGiles » Mon May 10, 2010 11:58 pm
Hi Marie

It is actually your responsibility to deal with the provisions contained within your IVA proposals and not your Supervisor's - but in reality most of us prompt and help our clients along with these sort of things to avoid confusion - and to importantly make sure that the IVA remains compliant.

Which firm are you with, and have you tried to speak with your IP personally?
Regards, Melanie Giles, Insolvency Practitioner


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Post by Marie.84 » Tue May 11, 2010 2:57 pm
Thank you for the advice this forum is very very useful.

We haven't spoken to them, the 5th year sneaked up on us very fast and I only realised a few weeks ago that we hadn't had the valuation done yet, and they hadnt contacted us. I will contact my IP about next steps though.

As Im sure most people do, I think we will struggle to remortgage to pay that final equity release. Ive heard about this variation proposal option, can anyone advise on that?

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