Ending IVA and valuation needed.

Concerned75 · 13 June 2017 at 9:58PM

I'm nearing the end of my IVA and I've been told to have a valuation on my home. I went to purple bricks, because I don't have any money for a valuation fee and in any case, it's a sham valuation, because there will be no sell at the end of it.
I had an appointment booked and the night before I got a message from purple bricks cancelling my appointment. They said, should the IVA fail, they didn't want to give the wrong information on the valuation.
Personally, I think they and perhaps others, don't want to get involved with property tied up in IVAs, unless someone on here knows different.
I've told my case officer this information, so waiting what they will come back with.
My house has been remortgaged before and houses in my area only reach £80k fixed up, which I haven't done, so I don't know what Payplan are expecting to get out of it, considering the debt was only £20k and more than a 3rd has been paid off, as I've had no defaults or payment breaks throughout.
My health is a bit of a concern at the moment too. I don't really need the stress of ringing around estate agents, trying to get it valued and ultimately just getting my details passed around or just refused. If there was anything worth having, shouldn't they looked into equity at the start of the IVA? I vaguely remember it being negative, so I can't see how it can be worth thousands 6 years on.
Help finding a free valuation and advice welcome.

Concerned75 · 13 June 2017 at 10:01PM

Also, the amount roughly left on mortgage is £73k.

sourcrates · 13 June 2017 at 10:11PM

If you can't get a remortgage or even a valuation, then you will simply have another 12 months of payments instead.

Concerned75 · 14 June 2017 at 6:38AM

If its as simple as that, why wasn't those done before an IVA was set up? Perhaps there is no equity???

National_Debtline · 14 June 2017 at 1:29PM

Hi there,

You need to make sure that you comply with the terms and conditions of your IVA. If you don't then I am afraid there is a risk of it failing (as well as being extended). To fail it would be a worse case scenario but it is important your supply the information requested (even if you cannot see the reasoning for it).

If you contact some local estate agents and ask if them for a free, no obligation valuations that should be easy enough. They will normally send you something in writing or in an email outlining their valuation and that should be sufficient for the IVA company.

I cannot see what the IVA has to do with the estate agent as they won't do a credit check for a valuation. Hopefully, you should be able to get 1 or 2 for the IVA. Good luck,

Laura
@natdebtline

memberme · 15 June 2017 at 12:25PM

Our IVA IP was happy with estate agent valuations. I didn't tell them it was for an IVA. Don't need to. I paid for 1 (£50) and the others came free with the hope I guess that we were going to sell with them

adyj73 · 20 June 2017 at 3:04PM

I just got three estate agents round and told them I was thinking of moving out of the area so was looking for a quick sale price. Didn't tell them about my IVA and I got 3 written valuations with no issues at all. I assume you told Purple Bricks why you wanted the valuation!! Don't! its none of their business!!

You have to do it as part of the IVA so get on the phone and ring a few up for a valuation

Good luck and well done for getting so far

Concerned75 · 21 June 2017 at 3:38PM

I did tell them I was in an IVA. I didn't see the point of lying as the valuation isn't of my doing, it's something I'm forced to have, so I'm not going to pretend otherwise. For me, this IVA has been the bain of my life, as i became seriously ill, which compromised work AND i only owed £24k. The other side of this is I don't want to get hassled by the agents and my details passed on as a potential seller amongst their mates.
It turns out that the IVA allow 2 months of your payment for a valuation fee. I just hope they don't ask for it to be paid back at the end of the term.
The agent suggested a Rics valuation as it is more accurate and legal courtwise, should anything happen. My IPs haven't been very clear if just a market valuation was sufficient. I say IPs as I've had about 5 and at the moment, there's 3 of them emailing me for documents.
If anyone can quickly help out with these figures, I would be grateful.
Valuation - Equity - 85% = 12 months payments added on.

My details are:
Valuation roughly £115,000,
Mortgage balance £71,000
Equity £44,000 which I make it less than 85%. Is that right?

headstuckinsand · 25 July 2017 at 12:57PM

Purple Bricks will have cancelled when they realised there was nothing in it for them.

You shouldn't need to spend any money on getting a valuation - as others have said just ask a local estate agent for a valuation - tell them you're thinking of selling.

Don't mentioned the IVA to the estate agent as they won't want to do any work if they know there's no chance of a sale at the end - they work on commission after all.

If they come back to you later you can just say your situation has changed and you're staying.

Lou321 · 27 August 2017 at 11:27PM

Hi Sourcrates , I have a similar query regarding remotrgaging at month 54. I have been reading forums where people have been told to get a secured loan if they cannot remortgage My IVA has the third party clause. Does this mean I will be forced to get a secured loan

sourcrates · 28 August 2017 at 2:33PM

Lou321 wrote: »

Hi Sourcrates , I have a similar query regarding remotrgaging at month 54. I have been reading forums where people have been told to get a secured loan if they cannot remortgage My IVA has the third party clause. Does this mean I will be forced to get a secured loan

No you wont be forced to do anything.

This is a fairly new product on the IVA market, it wasn't available when i did my IVA, so i cant comment too much on it, as i have had no experience of it.

Give the folks at National Debtline a quick call if your unsure of your options.

Ending IVA and valuation needed.

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