F&F process

[jessi3498]

Hi IVA community

Looking to F&F settle with my IVA which is with PAYPLAN.

Money is being gifted by Parent, question is does anyone know what information PAYPLAN will request at the start throughout the process?
I have a property release clause (at start of IVA his was under £5k so no equity).

Guessing I’ll need:

1. Mortgage redemption statement
2. Secured Loan redemption statement

Unsure what PAYPLAN will additionally want:
? Update to date I&E
? ID from parents
? Payslips

Curiously PAYPLAN have never requested Bank Statements at any review period - any people have knowledge of PAYPLAN requesting these when considering the F&F stages

[Foggy]

I have responded elsewhere, so will not repeat myself --- but, yes, the equity release will need to be looked at, if the 12 month extension hasn't been factored in --- hopefully there will still be less than the trigger £5k.

With regard to other Payplan customers experiences: Payplan have in recent years undergone a restructure of resources, which has altered the way they seem to do things, so, what has happened before might not be what it happening now.

[jessi3498]

Thanks Foggy

PayPlan used Mousepeice to value my property at first which they said it was free to do but doesn’t seem to work when I do it!
Do you know if there is a website that offers rough estimates ? I’ve tried/failed to find one.

In any case I’m not sure if this isn’t pointless - they’ll probably want a full valuation done - which in the current climate is likely not to happen!

[kallis3]

I had a local valuer in to do mine and give it me in writing - said I was being made redundant and needed to move quickly.

[Foggy]

Some have used Zoopla and Rightmove, often just popping in a town and comparing like for like -- which is very hit and miss as the general IVA'ers property has probably had minimal maintenance and decoration for 5 years or so and asking prices are often above actual market value to build in negotiating room.