4-5th Year Valuation

[fingers]

Hi,

I initially was told by Grant Thornton that they would not put the clause into the iva agreement for valuation of property on 4-5th year.

I brought the property for 105, the redemption is 108 and current value is 120. My major creditors are HSBC (75%) and Northern Rock. What are the chances that i'll have to release any equity if the IVA is expected?

I've currently been in the queue waiting for someone at Grant Thornton to be assigned to draft up the contract so have decided to use Meliane Giles instead. I just want to get my finances sorted as soon as possible, instead of waiting another month.

[MelanieGiles]

Hi fingers and welcome to the forum - and also thank you for choosing me to represent you.

I shall look forward to receiving your details in due course, but we will have to address the equity in the property. I suggest that we offer a few more contributions at the end of the arrangement, to try and avoid a revaluation, but I will look at your case in greater detail and speak to you off line about this.

We will deal with your case as soon as it arrives.

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

[fingers]

Ok thanks