I would be grateful of your opinion of the matter

[Davey1966]

My IVA was approved in November 2002 with modifications to the original proposal

“In the 4th year of the arrangement, the Supervisor shall obtain an open market valuation of the property, 75% of the debtor’s share of any equity therein, excluding any allowance for costs of realisation, will be introduced for the benefit of creditors within 12 months. Alternatively, the arrangement is to be extended to allow an equivalent sum to be paid by way of additional contributions for a period of up to 12 months”

I duly telephoned them with my concerns over this amendment and was told that I need not worry as this was a standard clause and it would be unlikely that I would have to re-mortgage because the extra 12 payments would be acceptable.
At the end of year 4 the usual expenditure sheet was sent to me along with a letter drawing my attention to the above modification, the answer to my phone call was the same as before. I received a similar letter in December 2007, only this time I was told over the telephone, that if I could just get a valuation done and send it along with my mortgage statement it would help to wind my IVA up. My valuation was done on January 16th 2007 and the information posted to my IP the following day………..Imagine my shock when I received a letter the following week stating that a certificate of non- compliance would be issued against me for not sending the valuation report and I had 28 days to write and explain myself.

I have never missed a payment to my IP and have even paid an extra £777 into the arrangement through 50% of overtime contributions from my last employment.
The valuation of my property was £85000 with £15000 still owed on mortgage payments.
On 31st January 2008, 3 of the extra 12 payments of £250 will have been collected from my bank account……..but I know where this is heading…… I feel pressure will be applied for me to re-mortgage my home.

I would be grateful of your opinion of the matter

Thank you

[MelanieGiles]

Hi Davey and welcome to the forum

Clearly a case of "lost in the post"! If this has happened, you merely need to send another copy to the IPand the Certificate ought to be withdrawn.

However, if I understand your post correctly, you have a property worth £85k with an outstanding mortgaqe of £15k? That leaves equity of £70k, which if shared with a partner means you will need to raise £26k.