The facilitator says that I have to pay another 12 months as a computer has said I have �28,000 equity. This was not done by inspection. Several people, have said if there is more than �5000 equity I have to pay another 12 months. I think I have less equity, possibly zero,and should not have to pay after August when IVA finishes. I have no money for an evaluation. The house has damp and other problems and has not been decorated for years.
Some firms will actually pay for a valuation or you could get an estate agent to give you an idea with a few white lies.
Have a look on Rightmove and in your local papers to see what similar properties in the area are selling for. I am not a fan of online valuations at all, but you need to "lose" over £25,000 ! The problem might not lie with the actual valuation at all, but with the method used to calculate equity. Most use 85% LTV , but a few do not and the difference could easily account for £25k.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
