www.iva.co.uk

Hello,

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 .

Hello and welcome.

Yes, the windfall clause wording catches many that way ( including me in the early days).

Good luck with the F&F offer, should you decide to go ahead.

Thanks Seagulls and Foggy. Everyone here knows that an IVA is no walk in the park. So it would be good to reach an early conclusion.

Can anyone tell me. Would the house be re-valued as a 'Forced sale' or at full market value?

If so how much would a force sale reduce the value?

Thanks in anticipation.

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.

Thanks Foggy,

I'm sure in that case that a forced sale value would drop us below our 149k mortgage.
So no equity.

Good luck with the F&F offer and the valuation...I'm waiting for my property to be valued as per month 54 of my IVA...fingers crossed!

Warm welcome to the forum. So glad you've found us now. Good luck if you go ahead with the full and final.

Good luck with your offer. Keep us posted

Hope your offer is accepted.

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.

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.

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.

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.

House valued now waiting to hear the result. This stage has thrown up a few questions for us as a family.

Will there be no equity and therefore a straight run to the end and finish.

Will there be no equity and a possible F & F (assuming the inheritance comes through)

Will there be equity and therefore another year of payments.

Will there be equity and a lender provides a secured loan payable for the next 15 years.

Should we try to get permission to sell if there is equity and rent a smaller house

So many directions balancing on the result of this valuation.