PDHL transferred my iva to Knightsbridge at payment 60. without any mention of 12 month extension. Knightsbridge are saying I must pay 12 more or they will fail my iva. Is this legal? If PDHL didn't inform me, how can Knightsbridge insist on payment 6 weeks after my 60th payment?
we were also with PDHL and transferred to Knightsbridge just after our final payment. We didn't have any equity in our our property, so at month 54 it was excluded and no extension needed. did you have the valuation done at month 54?
getting there ....
Got there!!
IVA started 27/10/2010
final payment 27/10/2015
CC received 6/5/16
Off the register 5/8/16
Had my month 54 valuation arranged by PDHL. IVA had 3 options regarding equity. If no equity end iva. If equity attempt a remortgage. Borrow equivelent value from friend or family. My IP did not inform me of any decision at all. It was only when Knightsbridge started badgering me 6 weeks after my 60th payment. Its depressing!
Hi Mark - just to clarify was the 3rd option an extension? As Foggy suggests your starting point will be to see if you can argue the equity is less than the minimum (standard clause is £5k).
Hi all mediators, many thanks for your help, much appreciated.
Just had a copy of the valuation report and the figures show there was equity at month 54. Looks like i will have to resign to the fact that 12 months has been added to my sentance, its so frustrating not to have been told this earlier. Thought i was finished.
When transfers and mergers are taking place the day to day stuff goes out the window unfortunately.
They will argue it's because the legal issues linked to the transfer - basically it comes down who is picking up the purposes or what they are getting paid if selling cases on.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
Was it a valuaiton organised by your or an internet one organised by your IP? Do you think the valuaiton is reasonable and is there enough in it to make it worthwhile challenging?
If not then I am sorry this has come as a surprise to you - hopefully the year will fly by and you will get there in the end.
The only alternative might be to offer a F&F from third party funds.
Hi Lisa, it was more than likely an internet comparison of sales in the area.I've just checked with my next door neighbour who bought last year and the valuation is slightly high but means equity would be circa £8,500. I am not in a position to borrow a settlent amount so will struggle on for another year...so fed up now!
I would suggest that you get your own valuation done - a lot of estate agents will do free valuations and if you disagree then challenge the IP.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
If you gat get a valuation knocking three and a half grand off you might get away without an extension. Online valuations are a best guess and are often way off mark ... your neighbours house has also been maintained for the past 5 years -- I doubt yours has as you would not have had the money.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I agree - get your own valuation done as at month 54 and also get a redemption statement as at month 54 and see if there's anyway you can get equity to less than £5k. Also check whether your equity calculation is simple equity or based on 85% or 85% LTV. This could make a big difference...
Lisa - can you explain more about what you mean by "Also check whether your equity calculation is simple equity or based on 85% or 85% LTV. This could make a big difference... "?
I'm looking at a F&F settlement and in a position where our equity is around the £5k mark (I posted yesterday on this subject & got some great replies, but I'd like to know more about what you're discussing here)
