F & F Payments

[mrdebt]

Hi Everyone! I would appreciate and would be very thankful if you give me the advice on this Please ..

I want to do my full and final payments of my 18 months remaining of my 6 years IVA.
Reason- I want to go abroad and live with my parents for sometime as they not in good health. The person wanted to pay my debt is my father in law, as he lives abroad, I think its bit difficult for him to send the money here because of the monitery policy of that country.
I have my wife's cousin lives here and he is willing to help me out, is it ok to gift me the money by him to pay my loan?

I just had a talk with one of the relationship manager, when i mention about the property she said i dont really need to worry about it, I can offer the remaining months payments.I really want it to be done very quick so i just wanted to do my valuation now so that they not gonna ask me in the middile of the process that i need to do this again in which case i might i have to change my f& F offer, I dont think there is a eqity but if there is incase.
Do I need to worry about it?


finally, She asked me for the 3 months bank statemnet of the person who want to gift me the money and the evidence where the money come from? plus the letter from myself, so it can be forwarded to the practicenor and to the creditors. Do you think these are required documents? also please advice if I need anything else as well.
Thank you.

[plasticdaft]

Whats the situation with the property? Do you have to release equity?

Paul

[mrdebt]

Thank you Paul I am sorry my internet had problems ! yeah , supposed to release equity on 66 months if a go for full term (72 Months).

Is the 3 months bank statement is necessary of the family member who is helping me out for my F & F ?? Actually he hasn't got enough balance on his 1st and 2nd month's statement on 3rd months he has enough to repay my debt, is that any problem ?

[MelanieGiles]

Even with a full and final offer based upon the number of payments you have left to make on the IVA, your IP will still need to report on the equity position now. So it is likely that you will also need to provide a current property valuation and mortgage redemption statement, so that creditors can judge the merits of your revised offer.

I don't see why they need the last 3 months bank statements from your funder. That is no business of the IP - but they will need evidence that the funds are readily available.

Which firm are you with?

[mrdebt]

Thank you so much Melanie Its really appreciated. I am with FMJ. I am thinking of doing valuation first and send it with my offer letter, do you think thats the good idea, let you know what happens,

[mrdebt]

Freeman Jones I mean.

[MelanieGiles]

Yes - I would definitely present them with the full facts to speed along the process and be viewed as a credible and co-operative client!

[mrdebt]

Thank you Melanie, I found it strange as Lots of Surveyors refused to do independent valuations. I am waiting for call from few of them tomorrow.

[MelanieGiles]

Surveyors refusing to do work for payment? That does not sound like the surveyors who operate in my manor - don't forget the cost of the valuation can be met out of the IVA funds if you cannot get a free one done.

[mrdebt]

Thank you Melanie, Zoopla and Mouse Price valuation are very high, Zoopla estimates £241950, I do not think my house actual valuation is that much. I am thinking if the valuation is around 228000, there wont be any equity so I am using a proper valuer, costing £380 + VAT. What do you think about it? feedback will be appreciated.

[MelanieGiles]

Make sure they value it on a forced sale basis - and £380 seems very high. I could get that done for you for around £70.

[mrdebt]

Thank you Melanie, That would be brilliant, how do I get them?

[MelanieGiles]

We use Countrywide Surveyors - you can Google them for the details, or contact me off-line and I will give you their number.

[mrdebt]

Thank you so much Melanie for your info. ! I contacted them, they said, they do only standard Valuation.

Anyway, I just poped into the Local Estate Agent Today and he done it for me within few hours and its Free, Wow !
Most important thing is he understood my situation well and he knows what happens on forced sale basis. He is sending me the report soon.
Now I have 2 questions for you. Do Practitioners accept the valuation by Estate Agent or it has to be done by a surveyors. Do I need any more valuation or one is enough? I would be very grateful again.
Thank you.

[MelanieGiles]

Valuations by estate agents are perfectly fine. Well done for finding someone local to help you.