Hi folks, yes i was surprised when Mel informed me of this too, i know that prices in and around my area have fallen as there is a house not 10 doors down my street up for sale at £10,000 less than i paid for mine so i think i know what the valuation is going to be. Only time will tell and then it will be up to DFD what they do.
Om shanti, namesté, good luck to all who are embarking on the IVA journey, it isn't always an easy one but the outcome is the best.
IVA COMPLETED August 2012, received Completion certificate 18.4.13.
Well this is the answer i got from the customer care at DFD if this is the case why haven't they let me know before now and stop all this worry!
'Thank you for your eMail. I can confirm that when you enter into the final year of your IVA a valuation is no longer required. You will simply be required to post to us a current copy of your Mortgage Redemption Statement from your Mortgage Company. As estate agents have started to charge for this service it is no longer required on your end and any search required will be completed on our end when the Statement is received. This will not require anybody to visit your home'.
Trying to get hold of DFD at the moment is a nightmare, i appreciate they are busy but blimey constantly getting that automated voice is waring a little thin now. I shall however phone my mortgage holder up and ask for the above information and then send it on, wish me luck folks.
Om shanti, namesté, good luck to all who are embarking on the IVA journey, it isn't always an easy one but the outcome is the best.
IVA COMPLETED August 2012, received Completion certificate 18.4.13.
Hi. Watch what valuation they come up with. If it puts you in zero equity, fine, but if it puts you in a position where you are expected to pay over additional sums, question their valuation.
The usual figure accepted for equity purposes is based on a forced sale, which is generally at 85% of full market value.
On that point. Full Market Value isn't what agents are asking -- it is what the houses actually sell at, which at the moment is some 10% down on asking prices.
If they use Rightmove, they are looking at FMV on a willing sale -- a different animal altogether! If they use Zoopla, these figures are broad averages.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Hi foggy thank you for the advice, i know how much my outstanding mortgage is and there is a house that has recently gone up for sale just a few doors from me, so when i send in my redemption amount i shall of course be putting in a copy of those details as well, if they want to bump up the value that is entirely up to them but getting a re-mortgage is not an easy thing these days and i know that my present company whom i have been with since having had the mortgage won't even consider me. I only have based on what the house down the road has been valued at £6000 or thereabouts, simply maths will mean no re-mortgage for me.
Om shanti, namesté, good luck to all who are embarking on the IVA journey, it isn't always an easy one but the outcome is the best.
IVA COMPLETED August 2012, received Completion certificate 18.4.13.
I'm laughing now, i have just visited Zoopla and have found that they value my home at over a £100,000, i paid £82,000 for it in 06 and i don't for one minute think that my house has increased to that amount so i hope that DFD use a bona fida valuation and not this site, god help me.
Om shanti, namesté, good luck to all who are embarking on the IVA journey, it isn't always an easy one but the outcome is the best.
IVA COMPLETED August 2012, received Completion certificate 18.4.13.
Property prices are roughly around the 2005 levels at the moment (of course this varies region by region). In 2006 they were on the climb towards the 2007 high.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
The problem with sites like Zoopla is that they lump all types of properies together and average out the values. If you use the building society indices, which do much the same thing, you will find an enormous diffference between each one. The only accurate way is to use prices realised (not asking prices) for similar (preferably identical) properties in the immediate area which sold recently.
Anyway -- the IP might be using a more accurate source, so fingers crossed. The main thing is to take no valuation at face value.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
wouldnt worry about their valuations-a smaller house down our street is on the market for 96,000 and zoopla reckon ours is worth 72,000!!!
Hope our iva firm use them to value our house when it comes to looking at equity.
full and final accepted January 2015
iva agreed; August 2010
iva would have completed; August 2017
extra year thank's to NRAM
We got 2 estate agents to come and look and said we were looking for a quick sale as were movng abroad, (I wish) I asked if they could email it too me then I could forward it to estate agents and the like abroad so they knew how much we had to spend. no prob at all.
ITS OVER WE ARE FINALLY DEBT FREE, CERTIFICATE ARRIVED
I have contacted DFD today and been told that yes they do use sites like Zoopla, that is totally unrealistic as that isn't refective of what my home is actually worth on the market today, so i have now gone to my local estate agent and obtained details of the house which is 5 doors down from me as i have been informed that if i can provide evidence that will help my case. I also have a relative who is more than willing to get a paid valuation of my home so if i have to go down that route i shall do in order to ensure fairness and realistic prices.
Om shanti, namesté, good luck to all who are embarking on the IVA journey, it isn't always an easy one but the outcome is the best.
IVA COMPLETED August 2012, received Completion certificate 18.4.13.
We will have just one valuation done which will be arranged by Payplan so I don't have to worry about sorting that out.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
