www.iva.co.uk

Hi all, it's been a long time since I posted as not a lot has happened - that is until last week!!

First a quicky recap of circumstances... I went BR in August 2007 (wasn't half as bad as I thought) and discharged August 2008. I have a house with a mortgage of £81K and a secured loan of around £24K, and in August 2007 it was valued at around £100K (forced sale) or £105K (open market)- so basically negative equity. I've heard nothing from the OR about purchasing the BI and had hoped that come August I would just pay the solicitors fees (currently £474) and that would be an end of it all.

But to my horror last week I received a letter from the OR office saying that I have equity in my property and if I wished to purchase the BI, I should forward a cheque to the tune of £17,945.93!!! Oh plus solicitors fees of £474 - oh and within 28 days! When I managed to pick myself up off the floor my first thought was that they hadn't taken into account the secured loan so I telephoned them. The girl on the end of the phone said yes they had redemption figures for my mortage and secured loan and had had a valuation done on my property and thats how they came up with the value of the equity. When I said that no-one had contacted me regarding a valuation she casually said that they had carried out a "drive by" valuation! What the hell!!! How can they treat such a serious matter with such disdain!! How do I know they even got the right house??!! And surely if a house was only worth £100k before the recession, how can it have gained 20K in equity??!!

So now I have to run around trying to find an estate agent to give me a written valuation (which is surprisingly hard to do). I just can't believe that they can ask for an amount of money based solely on a drive by valuation! So if anyone is in the same boat - don't just take the OR's valuation of the BI - insist on getting a few of your own - it may just save you a lot of money!

Talk about stress......... but thank you.....rant over.....!!!

It's good to hear from you again Brassic, but I'm really sorry that you're having trouble with the OR.

I can't offer you any advice, but I hope that you get this sorted out soon.

Let us know how you get on xxx

Hi Skippy, how are you?? Only 5 to go - doesn't time fly when you're having fun!!! Hope all with well with you hun. xxx

Hi Brassic,

Hope you get the valuation you need! Can I ask why the BI wasn't purchased at the start of your BR?

Hi Julie, I did ask the OR about the BI at the start of my bankruptcy, as I wanted it all done and dusted, but he said that when all the paperwork had been sorted it would then be passed to the relevant department (obviously had a lot of paperwork as it's taken about 30 months!!)

Sam
xxx

Wow thats awful,

I bought our BI within 2 months of hubby going BR.

Are there any houses for sale in your street to give you an idea of the current value?

I've had an agent around today and she said it should be put on the market for around £105K, so still little or no equity in it. A bit different from the OR's drive-by valuation of £120k isn't it!!

Sam
xxx

[:0] A big difference! is the property just in your name or do you have to share the equity?

Be interesting to see what the OR says!

Please keep us updated

Julie xx

I'm fine thanks. I can't believe I'm so near the end - I'm counting down the days to my last payment!

Property just in my name Julie. I just hope that the OR will accept the valuation I have, if not then I'll just have to hand the keys back! I'm just about managing to keep my head about water as it is - let alone have to try and come up with several thousand pound. If I do have to give the house over, I wonder what happens if and when its sold for a loss?? Does any shortfall get included in my original BR?? Or would I have to declare BR again?? Oh great - just given myself another thing to worry about!!

Sam
xxx

I drive past your house every morning and evening and for it to be valued at £120k is absolutely mad!!! If the OR did not do their jobs properly at the time of your bankruptcy, then you may have grounds for a complaint. If I can help at all - you know where to find me!

Hope you get it sorted Sam

xx

That is dreadful Sam! We had a drive by valuation done by our mortgage company when we entered the IVA, but they did agree with the valuer sent round by Payplan.

I would certainly consider a complaint.

Hope you get it sorted.

Thanks everyone, all still as loverly as ever!! Hi Kallis, how are you doing?? And who would have thought Melanie that just putting a fence around my front garden would increase it's value by £20K!!! It's just so hard to get an estate agent to put a valuation down on paper, especially when you mentioned that you need a forced sale valuation, because they know that there is very little possibility of getting any business. I told the estate agent yesterday that I wanted a realistic valuation for a quick sale, and she said that I should market it at £105K, which would technically mean that I would have about 2K equity. But in reality with all the fees associated with selling, it would mean that I would actually be out of pocket! Would the OR take into account other costs invovled in selling like solicitors, estate agent fees and HIPs pack??

I'm very well thank you Brassic!

That must be some fence! Solid gold is it?

I think your OR is being very unreasonable, and I am sure that they should take into consideration fees etc.

Let's face it - if the worst came to the worst and the house was repossessed, you would probably end up with a shortfall. No one would be better off.

You fight your corner and if Mel can help I'm sure you will get this sorted in your favour.