Followed the following guide:

Important Note for beta testers

If you have already been beta testing IP.Chat, please note that the application key has changed to prevent further and future conflicts with the existing chat application included with IP.Board. You should do the following in order to use the RC 1 release of IP.Chat 1.0:

* Uninstall the "Chat Services" application from your IP.Board admin control panel

o If you get an SQL error attempting to uninstall the application, please remove the folder admin/applications_addon/ips/chat/setup/ and then re-attempt the uninstallation.

* Remove the folder admin/applications_addon/ips/chat via FTP

* Install the new "Chat Services" application from your IP.Board admin control panel

However, now the chat won't load, no error, when I go to the chat URL it just goes back to the forum index. Anyone had this problem with RC1?

This post can be closed, IP have renamed the URL from chat to ipchat. Fine now.

Glad to hear it :)