Zoopla Valuation

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harrysmummy78
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by harrysmummy78 » Sun Jun 04, 2017 9:36 am
So I have just made our 53rd monthly payment 7 left to go and I have had my redundancy notice now confirmed, CF asked me to get a Mortgage redemption statement which I have now received we were with NR but have been now transferred to Landmark mortgages which shows £74,652.42, I contacted a few local Estate agents and decided I didn't want the stress of pretending I was selling so was totally honest and asked for a valuation which I would be happy to pay for to my surprise both replied back and refused due to us being in an IVA and said they would only be prepared to value if selling, Does anyone know if a Zoopla valuation would be accepted my the IVA firm specifically Creditfix? I have just had a look and my house valuation is currently £80,000 on there and we are in a inter-locking IVA?

I am now working 10 weeks redundancy notice and I am hoping we can sort a full & final as the stress of this so close to the end is making me ill, I have worked from home for 10 years in an employed role as a travel agent I have suffered for many years with anxiety and the flexibility of homeworking around my husbands shifts and childcare has really helped me and I have no idea now how I am going to find a similar job to fit around everything. I am due to receive approx. 4k redundancy as I work part time this is 20 weeks pay.our monthly payment is £210 it was originally £130 per month in the first year.

I am just composing an email for CF and I am unsure what I need to include in this I would really like to try and finish our IVA's I know my family are now willing to help me if needed as the stress is getting too much for me. any advise much appreciated as I want to make sure I handle this in the correct way.
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Foggy
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by Foggy » Sun Jun 04, 2017 11:36 am
Zoopla, if anything, do tend to overvalue -- but some IP's are happy to use it. Don't forget thodr Zoopla valuations are based on houses in good condition and staged for sale -- with due respect, yours has probably had little in the way of major maintenance or repair for 5 years!

On the redundancy front ... you are generally allowed to keep up to 6 months salary equivalent, from which to live and continue IVA payments whilst looking for work. So, assuming you do have the usual clauses, you should be able to keep it all.

Are you certain you have a 5 year term, not 6 ? NR generally amend the term to 6 at the outset (with the possibility of the 12 month extension still to be added).

If you have 7 months left ( and can convince them of no extension due to lack of equity you will need to ride it out -- too late for a F&F go through). If you get the extension, so 19 months left (based on you being a 5 year from the start), they are expecting around £3990 from you. So, all things being equal, you could use the redundancy to fund a F&F of, say, £3,500. But, of course, would have to consider the costs of living without the redundancy payment (on the plus side ... without the IVA payment going out as well!)
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harrysmummy78
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by harrysmummy78 » Sun Jun 04, 2017 11:53 am
Thanks Foggy, NR were one of my creditors I had a loan with them but they voted against my IVA at the meeting so I think this is why we didn't have a 6 year IVA??? it is definitely 60 months though, Zoopla are by far the lowest online valuation so I might forward this on to CF and see where we can go from here.
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luluj
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by luluj » Sun Jun 04, 2017 4:35 pm
Tough times ahead for you ...really hope things can be sorted for you so that you and the family can settle down once the iva is concluded.
Like foggy says too late to start a full n final offer ..timescales are against you unfortunately. Maybe your family could help in other ways in the mean time.
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Ryan
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by Ryan » Mon Jun 05, 2017 9:37 am
As Foggy says Zoopla can't be relied upon for an accurate up to date valuation figure. As you say re the Estate Agents you were probably too truthful - if you just say you are thinking of selling they would normally give you an idea on a selling price.

Best of luck.
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Lisa Thomas
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by Lisa Thomas » Mon Jun 05, 2017 10:28 am
If the IP won't accept Zoopla (or if the figures don't help you exclude the extension) Try different estate agents and don't tell them abut the IVA...
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