house valued today!!

[Christabelle_sparkle]

Hi all!

Just thought I would share some info and ask some advice.

Just had house valued at £145,000-£150,000 with local estate agent.

I have requested redemption figure on our mortgage too which is £147,158 plus £250 discharge fee.

will I have to extend iva for 12 months based on this info or will it cease in october?

Kind regards

[Adam Davies]

Hi

It will depend on the wording of your IVA however as you have no equity above 5k then your IVA should conclude without any extension

Regards

[gailduncan1127]

I had a similar thing with mine last year and i didnt have to pay an extra year, but i think it will depend on your IP and your creditors.

[Christabelle_sparkle]

Thanks for your responses.
Maybe we can finally see a glimmer of light at the end of this dark and depressing tunnel.

our proposal/chairmans report states.
at month 54 we need obtain a valuation if there is more than 5k equity then we need to release by way of a remortgage. (85% ltv)
If we cannot obtain a remortgage then a 12 month extension applies.
If there is less than 5k equity then the IVA finishes at month 60.

I hope this clarifies what situation we are in.

[Til]

Just be careful you don't also have this clause as it over-rode all other clauses in our chairmans report:

"If the amount of equity available in the property is under 5k, it is De-minimus and does not have to be released via remortgage. However the IVA should be extended by a maximum of 12 monthly additional contributions, or until contributions have equaled the estimated available equity, whichever is the sooner"

If you do you might want to read my thread here:

http://www.iva.co.uk/forum/topic.asp?wh ... 652#544722

[Christabelle_sparkle]

Thanks Til

that would indicate to me that your iva was set on a 6 year term from the onset?

ours is not it is 5 years and is due to finish in october.

we are getting a written valuation stating the house is worth £145,000 which shows neg equity. I will forward to my IP along with redemption statement when received and hopefully (fingers crossed) it will be over in october.

[Til]

Yes our was a 6 year term from the beginning - not protocol either. You're doing right thing by getting valuation in writing then if negative equity its a simple matter of no extension. We are due to finish in October too so fingers crossed for you and us

[Christabelle_sparkle]

Yes,Defo Fingers crossed for us both Til, hope everything goes ok for you during these final months.