www.iva.co.uk

This morning we received a letter from our mortgage company, the Chelsea Building Society, and I quote:

I am writing to inform you that the Society has received the completed revaluation report. For your information the property was revalued at £215,000.

Although I note that your buildings insurance is not arranged by us, the valuer has recommended that you insure the property for rebuilding for £215,000. Please contact your insurer to ensure that your existing cover is adequate.

The revaluation details have now been passed to our Arrears Department for consideration and they will contact you direct if it is necessary for any further action to be taken.

I trust this clarifies the situation ad also confirm that the above account has been debited with the sum of £65 for the Valuers costs. I must advise that if this fee remains outstanding on your account, it will be subject to mortgage interest from the date that the interest from the date that interest is next reviewed on your account.

To say that we were gobsmacked would be an understatement!

We phoned the Chelsea and spoke to several people (jobs worths!) They said they had been informed that we were bankrupt - we're in an IVA! The girl we originally spoke to had never heard of an IVA! They were just checking on their money to make sure that there was enough equity in the property and had arranged for a drive by valuation and charged us £65 for the privelige! How on earth you can value a property just by driving past is beyond me.

They refused to refund the money, even though we reckon they should not have charged us. They reckon it is company policy.

Next step was to phone our Case manager Wayne, who was also gobsmacked! He had never had this happen before and thinks that we shouldn't have been charged that, and is waiting to see what they say. He reckons it is an unnecessary charge. We are waiting for a further phone call.

Has anyone else come across this?

Sorry for the long post but I am so annoyed - I've even booked the day off work to sort it out!

Thats awful Kallis -I've never heard of it before,but I'm starting to get the impression when you're in an IVA these companies think they can do anything!

Stand your ground and challenge the payment and please let us know what happens.

It wouldn't have been so bad if they had informed us they were intending to do this in the first place, but to drop it on you afterwards is just disgusing!

I've got money problems, the last thing I need is an expense I haven't accounted for, or expected.

I wouldn't mind if we have ever been in arrears with the mortgage, but we haven't and never have been.

Had a call from Wayne, our case manager who has spoken to Chelsea, and they are now 'looking into it'. Wayne is going to ring us tomorrow, so hopefully the £65 'valuation fee' will be dropped.

Good luck Kallis, It is absolutely disgraceful the way your lender has acted.
Who told them you had gone bankrupt?

Payplan sent a copy of the Chairmans report to my secured creditors, which apparantly they always do. At the top of the report it mentions bankruptcy, so I presume they didn't read on any further

That's disgusting to think that they can do that without your authorisation.

Firstly as you say, you are NOT bankrupt so it doesn't apply.

Secondly, what are they planning to do with the valuation ? The house might just be a shell for all they know.

Thirdly, I am fuming on your behalf ! I hope Wayne can sort this out for you. It's madness.

What a pain Kallis and frigtening to recieve such a letter.

It is amazing how many telephone staff have never heard of an iva, do they not recieve training on such matters??
I had to explain it to one of my creditors which is a bit wierd!

Hopefully your case manager can sort this out and get the money refunded for you x

Joh, my thoughts exactly. We could have the worst house in the world, could be all 'kippers and curtains'!

As for the valuation, they only have to check on what similar houses are going for round this area. It's exactly the same valuation that the valuer sent by Payplan came up with.

An easy £65?

I won't be paying it if I can help it.

thats shocking isn't it..

hope it gets sorted..

Is kippers and curtains the same as fur coat no knickers!![:I]

Hi Ang,

Yes it is. We could do with a bit of redecoration but that's about all, but how you can tell with a drive by valuation I don't know!

I'm with Wayne on this one - an inappropriate action on their part and a completely inappropriate charge!

Hi
What a strange one
Mel,is it common for IPs to send the Chairmans report to secured creditors ?
Regards

THATS TERRIBLE KALLIS! THEY TAKE IT UPON THEMSELVES WITHOUT EVEN CONSULTING YOU AND THEN HAVE THE NERVE TO CHARGE YOU £65 - WHAT A CHEEK!

HOPE YOU GET IT SORTED - I WOULD BE FUMING TOO!

BARB X

IPs have to send a copy of the IVA proposals to all contingent creditors, so it is arguable whether mortgage companies ought to be informed or not.

I personally take the view that so long as the security appears to be adequate, then I would not circulate, but if there is any sniff of a shortfall then a circular must be sent.