Selling house to pay off iva?

Get expert opinion. This is the place for new questions to be posted.
75 posts Page 3 of 5
Krif
Posts: 35
by Krif » Sat May 06, 2017 5:18 pm
Thanks, our iva company used an online valuation when they set up the iva.

Would we also take off solicitors fees and how much are these likly to be?
Would we also need something from our mortgage company.

We would be offering £2892. Under the 24 months remaining this includes the 12 months added for the equity.

Does this sound ok regarding our ill health.
User avatar
Foggy
Forum Expert
Posts: 23903
Contact
by Foggy » Sat May 06, 2017 5:29 pm
You will need a redemption statement from your mortgage provider, so they can calculate equity. if you are claiming less than £5k so avoiding the extra 12 months.

How have you arrived at your offer figure -- may I ask ?
Krif
Posts: 35
by Krif » Sat May 06, 2017 5:39 pm
We are going to offer £7500. Our monthly payment are £433 × 24 = 10392. ( 12 months remaining then 12 months equity) can only get £7500 so would be £2892 under the full amount we would be paying if it went to the end.
User avatar
Foggy
Forum Expert
Posts: 23903
Contact
by Foggy » Sat May 06, 2017 5:47 pm
Krif wrote:
We are going to offer £7500. Our monthly payment are £433 × 24 = 10392. ( 12 months remaining then 12 months equity) can only get £7500 so would be £2892 under the full amount we would be paying if it went to the end.



Ah right -- sorry -- I was a bit worried, thinking you were offering £2892 ! I think, considering the issues as well as the savings they would be making on 2 years administration, that £7,500 would be a good offer.

As you are not contesting the existence of equity I would suggest just providing the offer and third party letter at the outset --- they do not really need to go through the valuation exercise (although you will have to comply if they do wish to waste everyone's time)
Krif
Posts: 35
by Krif » Sun May 07, 2017 9:30 pm
Can we just send the offer and the 3rd party letter in or are we best to call them first.
We have just sent our income and expenditure in for review so assume they won't need another one.
User avatar
Foggy
Forum Expert
Posts: 23903
Contact
by Foggy » Mon May 08, 2017 6:50 am
Personally I would call them first --- and send the paperwork and scaned documents by email (so they get them right away and can get started --- also, if they "lose" them, it will be easy to resend). My IP's ( two of them) never asked for hard copies, but yours might.
Krif
Posts: 35
by Krif » Mon May 08, 2017 11:36 am
Finally got through to someone after trying all morning.
She won't do anything she's just passing it onto a different department who will call me back in 14 working days so that's 3 weeks. They will then tell me what paperwork I need to send them and do another income and expenditure even though they have just done one.
I asked if could just send the offer in writing she said no got to wait for them to call.

Sounds like they are just dragging it out to get more payments.

Is there anything I can do to speed this up.
User avatar
Michael Peoples
Industry Expert
Posts: 15188
Contact
by Michael Peoples » Mon May 08, 2017 11:41 am
Send the request in writing and email the IP directly. Ask for the meeting to be called in line with the terms and conditions otherwise make a formal complaint. IPs usually have to call a meeting within twenty one days of a written request so your firm may be stalling you and a letter/email will force them to speed up.
User avatar
Foggy
Forum Expert
Posts: 23903
Contact
by Foggy » Mon May 08, 2017 11:44 am
Laura Harrop wrote:
Hi Krif

If you could email me at customersupport@debtfreedirect.co.uk with your full name and address, I will happily look into this for you.

Kind regards
DFD



Good Grief --- that is a load of male bovine excrement !! Talk about making a simple thing complicated !!!! Get in touch with Laura Harrop (as per quoted message).

You could lodge a formal complaint with the firm and, if no joy, this can be escalated to their regulators as such delays are totally out of order.
Krif
Posts: 35
by Krif » Mon May 08, 2017 11:56 am
Is there a direct email for Laura as when I have emailed the customer service email before I never got a answer.
User avatar
Foggy
Forum Expert
Posts: 23903
Contact
by Foggy » Mon May 08, 2017 12:14 pm
Krif wrote:
Is there a direct email for Laura as when I have emailed the customer service email before I never got a answer.


There used to be but they became unuseable for some reason ---- use the one Laura gave but put "FAO Laura Harrop - IVA Forum" in the subject line.
Krif
Posts: 35
by Krif » Mon May 08, 2017 12:22 pm
I've just sent her a message will see if get a response.
Krif
Posts: 35
by Krif » Mon May 08, 2017 2:28 pm
I don't have a name or contact details for my ip. I have a name in the paperwork for someone who over sees it but no contact details for them.
When you call there are no options to get through the a complaints department.
User avatar
Foggy
Forum Expert
Posts: 23903
Contact
by Foggy » Mon May 08, 2017 4:20 pm
Krif wrote:
I don't have a name or contact details for my ip. I have a name in the paperwork for someone who over sees it but no contact details for them.
When you call there are no options to get through the a complaints department.



The name of the IP will be on the Insolvency Register and they will be named in the Proposal (Supervisor). Have a look on their website for their complaints procedure. If you can't find it ask them -- they are obliged to tell you.
Krif
Posts: 35
by Krif » Mon May 08, 2017 5:58 pm
I've just had a email from someone from dfd saying Laura is on annual leave. They are going to look into this and reply tomorrow.

I've found the ip name and nominee name in my paperwork but no direct contact details.
75 posts Page 3 of 5
Return to “Ask IVA Forum and Industry experts”

Who is online

Users browsing this forum: No registered users and 14 guests