Hi, We are in month 54 of our IVA, and have just been told it will be extended for another year as there is only £5131 equity in the house. I don't think the house is as valuable as their estimate says, so don't think we have as much equity in it as my IP has said.
I want to know if I can get my own independent valuation (s) as if I have less than £5k equity the IVA will finish this year, or do I have to stick with the figure my IP has given?
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
Hi and welcome to the forum. How did your IP get their valuation, drive by? or zoopla? maybe. Yes I would definitely challenge this and get your own from a professional. Tell them to do a forced sale valuation too if you see fit. Advise the IP what you're doing too.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
It is worth challenging - I believe that people suggest get one based on a forced sale.
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.
I echo Lesley's advice. If you have not had a specific valuation done there could be enough difference to lose that 12 months.
First ascertain where they have got their figures from and then mount a challenge. Remember, your house has, unlike the others in your street, had no major money spent on it over the last few years.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
thanks everyone, it was a desktop valuation, so no personal visit or drive by. I haven't received any paperwork yet from my IP about this, they phoned me yesterday to advise me of their decision. I initially was pleased that there was no need to remortgage and thought this was the best outcome for us, but after speaking to my husband I am thinking otherwise.
It seems a bit suspect to me that our house has been valued at just over £100 above the £5k threshold that forces us into another year?
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
Hi Helen I agree you should seek your own valuation. Your agent will have access and first hand knowledge of the condition of the property and local area so their valuation will be much more accurate. If your IP challenges this you can always offer to allow their choice of agent to visit the property for a 'proper' valuation and take the average of the two.
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Helen.k
thanks everyone, it was a desktop valuation, so no personal visit or drive by. I haven't received any paperwork yet from my IP about this, they phoned me yesterday to advise me of their decision. I initially was pleased that there was no need to remortgage and thought this was the best outcome for us, but after speaking to my husband I am thinking otherwise.
It seems a bit suspect to me that our house has been valued at just over £100 above the £5k threshold that forces us into another year?
Absolutely.
Along with the creditors, guess who this is also significantly beneficial to..!
Get at least two valuations from local EAs and use the average figure. I'd be fighting this tooth and nail.
Shouldn't have to feel like your IPs are conning us, they're supposed to be the ones representing us not stitching us up like some grubby dodgy trader.
Can't wait til I'm clear of my IVA and done with all this type of ****.
Never had this with PJG but I have no doubt CF will try to take me dry when the time comes.
Definitely get your own valuation done. If they used Zoopla or the like, the figures are often quite inaccurate. I have been watching house sales in my area like a hawk, and I know their valuation of my property is about £20k too much!
I actually have my valuation being done tomorrow. I know my equity is going to be close too. I phoned the agent we bought the home through and was completely honest with them. I told them we were in an IVA and need a written valuation on a forced sale basis. They were quite happy to do this for me, and I don't think they are going to charge either. Some estate agents will charge for this type of valuation though, but sometimes the IVA company will let you take this off your payment if you ask.
our IVA is with PDHL, I can't knock them at all ... until now! but hopefully we can get this sorted soon, I have emailed a couple of local EA's asking them how much it would be to get a valuation done, just waiting on their replies.
Can't thank you all enough for your comments, it's been a hard slog in the IVA so the end can't come quick enough for us! Looking back though it has gone quite quickly and we finally have a light at the end of the tunnel!
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
Definitely go for the forced sale valuation ,from my own experience £200.000 on zoopla , forced sale valuation £155.000 quite a difference and saved me the extra year
had a phone call from PDHL this morning, they are happy for us to get our own valuation done - in fact she said it was a good idea as the excess over £5k is so small ... relief!!
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
