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Hammie1

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Post by Hammie1 » Sun Jul 25, 2010 7:51 pm
Hi all

Thought I would give you an update on our progress. Was feeling very low on Friday, and ended in tears due to the stress. My IP has now been in contact, proposal is being drafted, and had to have a valuation on our property. Got the estate agents round and they valued between £170K- £180K, our actual mortgate is £195k, so I am assuming this is good as we will be classed as negative equity??, and the house will not be included in the IVA as "profit"??.

Had to tell a whole load of lies to get the estate agent round to do a free valuation, which I feel terrible about, now trying to get the valuation in writing, i even made the sales manager write the valuation on his business card, as proof that I had someone round!!!.

As you will all know have been really concerned about giving up our family car, the Toyota, but IP has said that we have got a good case to keep it, so fingers crossed.

It's good to know that you are all out there with your kind advice and words.

good luck everyone

Sam [:)]
F&F accepted 12/8/13 - Awaiting Completion Certificate :-)
Thanks to everyone for your support. Could'nt have done it without you.
 
 

Julie

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Post by Julie » Sun Jul 25, 2010 8:35 pm
Hi Sam,

It can be stressful, but you are doing great! I remember feeling the same with the estate agents too, but you have to do what you have to do. So, don't worry about it.

There'll probably be a clause in your IVA which will extend your IVA for a further 12 months if equity can't be released. Your IP will explain this to you.

Sounds as though things are moving along for you now, you'll have your creditors date soon and you'll be closer to being debt free.

Good luck with the car, I'm sure your IP will fight for you nto keep it.

Keep us updated xx
 
 

Shining

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Post by Shining » Sun Jul 25, 2010 8:37 pm
Good luck and don't worry about the white lies, they won't hurt anyone xx
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
 
 

plasticdaft

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Post by plasticdaft » Sun Jul 25, 2010 10:42 pm
Given that no one knows how house prices are going to go in the next few years it is possible that your home may have equity in it by the 4th year of the IVA,so dont be surprised to find creditors still expect it to be valued again then and any equity released if possible.

Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
 
 

MelanieGiles

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Post by MelanieGiles » Sun Jul 25, 2010 10:44 pm
Just think of where you are heading to Hammie - and to be sure it is a better place than where you are right now. Good to see you have a supportive IP working for you, and that all of the ducks are now starting to get into the row.
Regards, Melanie Giles, Insolvency Practitioner
 
 

Hammie1

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Post by Hammie1 » Mon Jul 26, 2010 3:42 pm
Hi all

Thank you so much for you kind reassuring words.

Just got home from work and have the house valuation now in writing rather than it just written on a business card, so I will sending that to debt Life Boat tomorrow.

Also received in the post "Personal interview Notes", from Debt Life Boat, basically going over what we spoke about on the phone Friday, except the house value has been put down at £200K rather than the £180k, stating that there is total equity of £5K. My representative is not in the office today, but I was told to put a line through it and amend to the £180k. Hoping to receive the proposal tomorrow or Wednesday, and Debt Advice Link are going to chase Debt Life Boat for a date for our creditors meeting. Does anyone have any idea how long I should expect to wait for a meeting, i.e days, or weeks??.

Thanks again
from
A happier Sam toay! x
F&F accepted 12/8/13 - Awaiting Completion Certificate :-)
Thanks to everyone for your support. Could'nt have done it without you.
 
 

MelanieGiles

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Post by MelanieGiles » Tue Jul 27, 2010 1:33 am
Who is in control of this case - the IP or Debt Advice Link? Your IP needs to give creditors 16 days notice in writing of the creditors meeting.
Regards, Melanie Giles, Insolvency Practitioner
 
 

Hammie1

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Post by Hammie1 » Tue Jul 27, 2010 6:35 pm
Hi Mel

It is our IP now.
F&F accepted 12/8/13 - Awaiting Completion Certificate :-)
Thanks to everyone for your support. Could'nt have done it without you.
 
 

Hammie1

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Post by Hammie1 » Tue Jul 27, 2010 6:37 pm
Hi Mel

It is our IP now.
F&F accepted 12/8/13 - Awaiting Completion Certificate :-)
Thanks to everyone for your support. Could'nt have done it without you.
 
 

MelanieGiles

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Post by MelanieGiles » Wed Jul 28, 2010 2:46 am
As it should be, and best of luck with it all!
Regards, Melanie Giles, Insolvency Practitioner
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