Grant Thornton - 2nd Valuation Request.

hunty3

I started an IVA in Jan 2008, finished it in Dec 2013. I started out with Money Debt and Credit, which was transferred\sold to Grant Thornton early 2013.

I've provided all information as requested over the term of the IVA. Today I receive a letter from GT after a mortgage statement and a valuation of my property. I provided MDC with all this information when requested in Jan 2013.

I've e mailed them and basically said I'm unwilling to provide this information a second time. Especially as I've now made all my payments and the final salary\expenditure review has been approved.

Can they ask for this information a second time?

Thanks

National_Debtline

Hi hunty3

As it stands, GT are the only ones in a position to confirm the completion of your IVA, so they are calling the shots to an extent. However it is reasonable to question this second request. Normally I would expect an Insolvency Practitioner to request 2-3 separate valuations - was this the case with GT?

Were you given any clear information on how the property was to be dealt with at the time? Had remortgaging been ruled out due to insufficient equity?

Also, it looks as if your payments stretched over 72 months rather than the usual 60. Were the extra payments specifically in lieu of equity release or did you have payment holidays at any point during the regular term?

Regards

Dennis @NDL

hunty3

Hi Dennis, many apololgies it started in Jan 2009, so it was a standard five year IVA.
MDC made a request in Jan 2013 and there was no equity to speak of, now there is around £1600. This is the first request GT have made albeit after I have have completed all my payments.

Anondebtadvisor

With that level of equity i doubt GT will require you do anything, it is only worth their while for equity over £5000.

What does it say in your proposal about equity?

hunty3

To be honest Anondebtadvisor I cannot remember. But I'm thinking the same as you. The equity is'nt there to do anything with. Thanks

National_Debtline

Hi hunty3

Sorry for taking a while to check back in on this.

As Anon says, if your equity is <£5K it is unlikely to lead to anything. In fact, the way that a lot of IVA equity clauses are commonly worded means that the IP may have to disregard it.

There is a good chance that the wording of your equity clause goes something like this:

If equity >£5K when revalued, debtor is expected to attempt to remortgage for up to 85% of any equity above this threshold. If unable to remortgage, creds will accept a further 12 months of instalment payments in lieu of the equity.

If equity <£5K, no further action.

Does that sound familiar?

Regards

Dennis @NDL

hunty3

Thanks Dennis, that helps.