I wish I had found this forum four years ago! I have been a police officer and a soldier, but the debt and IVA has been the scariest chapter in my life.
I had all the usual, credit cards, small loans etc and then got divorced. Everything went crazy, more loans to cover solicitors bills, trying to pay a mortgage and rent as well. As you can see it all got out of hand.
Creditors were ringing my place of work (my police bosses were not impressed) The IVA was the only way forward and not being sacked.
So that's a little background.
Recently we have (re-married now with two beautiful children)been advised that we will inherit a small amount, about £700. In our contract it says that windfall sums greater than £500 will go into the iva pot. We thought that meant we could keep £500 and £200 would go in the pot, but our IP has informed us that they will take the whole. I'm not complaining, just a little disappointed. I am self-employed these days, and although we pay everything there is next to nothing left to spend on the children.
Our IP has suggested offering the inherited sum as F & F payment. Trying our luck a bit I think but I'm hopeful. Out monthly payment is £190.
Also it is time to revalue our house. My mortgage is 149k. The house was valued at the start by a firm arranged by IP at 135k. I now suspect it to be worth about 155k full market value. Although I hope it's not. I just want this all behind me. A further 12 months are not attractive.
There is no real question here, just a chance to share my story to date.
Hi Good Luck with the F & F offer . If your IP is suggesting this it is definately worth a go !
That should mean that you dont meed to go down the equity release route . Hopefully an expert will come along soon and advise further .
Hope it all goes well for you .
The equity clause generally seeks equity based on an 85% LTV. When you get any valuation make sure the valuer knows it would be a forced sale (which, coincidentally, is usually around 80-85% FMV).
And ..... don't tart up any defects as though you were putting the house on the open market. Often, during an IVA, running repairs get neglected as we don't have the money. This enforced neglect should be reflected in the ultimate valuation.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Just a note of caution. We have heard from others on here that if you tell an estate agent that the valuation is for a forced sale then they will generally charge you for it.
If they belive that you want to put the house on the market then the valuation will be free.
F&F accepted 12/8/13 - Awaiting Completion Certificate
Thanks to everyone for your support. Could'nt have done it without you.
Hammie --- if you have to pay for a valuation the IP should cough up. One way of getting a free forced sale valuation (ish) is to say you have to move quickly for a job and need a fast sale. Then, if they come back to you afterwards to ask when you are putting it on the market you say the offer fell through.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Thanks Foggy - good idea. We have booked our valuation for this week in incase our IP asks us for the valuation in respect to my posts about offering a full and final.
F&F accepted 12/8/13 - Awaiting Completion Certificate
Thanks to everyone for your support. Could'nt have done it without you.
Our house will be valued on Friday by E-Surv. Anyone know anything of this company?
It has been arranged by Payplan. E-Surv advised me that they value as if for a mortgage company.
Just hope they keep the value down.
Last edited by Optimism on Wed Jun 26, 2013 7:26 pm, edited 1 time in total.
