Last Annual review has come back.

[sharky980]

Hi everyone,
My IVA was increased to 75 months when I first started in 2009 I have just had my final review come through the post as I am due to finish in 12 payments time wahoo!! sorry just a tad exicted!.
My question is I am unsure of the below statement can someone tell me in layman terms what this means?.

1. Assets
1.1 Property-Home Owner-Re-Mortgage
Details PROPERTY ADDRESS....
Estimated to release 0.00 Actual Realisation 0.00 STATUS Now Due
1.1 An assessment will now be completed regarding the ability to release equity from the peoperty.

[:)]

[Foggy]

Looks like they are still to do a review to see if equity can be released. Have a look at the equity release provisions in your proposal / chairman's report.

They will want to know the amount outstanding on mortgages and secured loans and the current value of the property.

[sharky980]

Ahhh ok I was just confused as to why it said 0 in both boxes
I did contact DFD last month and they said I can send them a mortgage statement in January when I get one and they said they use a system for putting a value on a house but it might be best getting it valued properly.
Do you think I can get a valuation now from some valuers and send them the valuers letters?.
Or should I wait untl next year?

[Foggy]

I have little faith in these "systems", which are as accurate as counting your windows. multiplying that by 12, adding three zeros and doubling it.

When so much is riding on the outcome you just cannot rely on a guess that takes no account of the fact that your house has probably not been maintained to any degree for 5 years, or things like the pylons overhead, the school opposite etc., etc.

That all said I would see what they produce and if it works in your favour accept it -- if not get your own.

[Til]

I recognised the wording as we had same wording in ours with DFD.

I think the 0.00 amount means, like ours, that no set amount of equity is required. Unlike some IVA's that have a set amount expected from equity.

In the end we had negative equity and therefore no equity release or extension was required of us.

[Til]

p.s. our thread on our equity review might help you too:

http://www.iva.co.uk/forum/topic.asp?TO ... hichpage=1

[sharky980]

Brilliant thanks everyone I will let you all know the outcome

[sharky980]

Hi everyone just a quick update on the above.
I submitted all information to Debt Free Direct and to the company that deals with all their house valuations and I did not have to get a valuation they have both confirmed there is no equity in the property to release.
This morning received a letter from DFD to confirm this and I do not need to do anything more.
Which means my IVA will officially finish in December man is that going to be a good Christmas!! 6 long years but only 10 payments left!!
Thanks for everything guys I will be back on to update once my last payment has come out.

[Foggy]

Great news Sharky --- 10 more months and Happy Christmas

[mole]

75 months with another 12 for equity would have been brutal. Hope it goes quickly for you

[sharky980]

Yeah my thoughts exactly I would have been a bit down if they had extended it another year making a total of 7 years would have been like a prison sentence but I still could not have complained due to my debt :0(
But all in all a lesson well learned!.

Thank you everyone.

[Struzzo39]

Fantastic