The payment schedule was: 30 months @ £316 plus 30 months @ £483 (when HP on car finished). Total = £23970.
During the five year period I took payment breaks of nine months, therefore the period was extended to June 2016.
In May 2016 we sent a property valuation to them of £94000 (from memory), plus two online valuations which estimated a lower figure of £91000; and average of £107000,. They chose to use the average and calculated my share of equity to be £8764.20. The property is in a very run down state having had no money spent on it for 10 years. It would not realise £107000 even now.
If they had used the realistic valuation of £94000, my share of the equity would have been £3665 which is less than £5000 and so the IVA should have completed at that point.
To September 2017 I have paid £26030
My question is can they rely on an average online valuation without a proper valuation of the property? They have continued to extend and are now pursuing me for £5000 in arrears.
The IVA was first with Debt Lifeboat, was taken over by Harrington Brooks which in turn has now been taken over by Freeman Jones. In February 2018 I had lengthy telephone conversations with HB who after reviewing the above facts agreed that the IVA was completed and were supposed to be arrange the certificate and discharge. Unfortunately I don't have anything in writing to that effect and no certificate has materialised.
Apologies for lengthy email and thanks for any advice.
Anyway .... I am afraid that you need the same conversation with Freeman Jones. Hopefully the handler at HB recorded the call.
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