Sounds like it will be worth while obtaining the formal valuation. Suggest as your IP is insisting on two it might be fair for them to pay for one from the IVA funds considering they were originally prepared to rely on an on-line one when it originally went in their favour.
The reason that a further valuation is required is that there is a discrepancy between the online valuation and the valuation provided by your estate agent, meaning that there would be two different outcomes, so I need to be certain that I have the correct information in order to be able to act accordingly and in a way which is fair to both you and your creditors.
If you forward in an invoice or receipt for the second valuation, I will arrange for this cost to be covered from the IVA estate.
You already have my e-mail address, so if you do have any queries in future, please do feel free to contact me directly and I will be happy to respond - this will be much quicker than posting in an open forum where it may be some time before I pick up your comments and then link them to your case and respond.
Of course, if you do think an open discussion may help others in a similar position to yourself do comment here and I will be happy to respond.
Sincerely,
David Mond
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
David, I would have thought, in your position, you would know as well as most already seem to on here, especially those IP staff, that the online valuations are usually wildly off the mark with property valuations, especially when most properties have had little or no maintenance work able to be carried out on them over the previous 5 years or more.
The least you should do, if you are still requesting another valuation, is to offer to pay for it as indeed should their first valuation be as well.
Stepchange, when I told them I would not be happy with an online valuation, arranged themselves for a local valuer to visit and look around so they could see the true state and value and done at their expense.
Last edited by FormerlyST1100 on Wed Nov 04, 2015 12:26 pm, edited 1 time in total.
I have already stated that the IVA estate will cover the cost of the valuation.
As an IP I do ask for 2 valuations from independent agents.
The online ones are merely used as a guide.
Sincerely
David Mond
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
Good afternoon. I have just received a bolt from the blue regarding my iva. Now being told that my iva will revert to protocol and my redundancy payment dealt with in the manner of just leaving me the equivalent of six months payment. This being after I requested what I could offer if I took voluntary redundancy. I know find myself
having volunteered for redundancy and still having to pay near all the money. There is no way I would have volunteered if this had been made clear. To say I am disgusted is an understatement. Any advice urgently required.
I think you need to speak to David again as he would know more about the case. I assume you cannot withdraw your application for voluntary redundancy now?
Good afternoon. I have just received a bolt from the blue regarding my iva. Now being told that my iva will revert to protocol and my redundancy payment dealt with in the manner of just leaving me the equivalent of six months payment. This being after I requested what I could offer if I took voluntary redundancy. I know find myself
having volunteered for redundancy and still having to pay near all the money. There is no way I would have volunteered if this had been made clear. To say I am disgusted is an understatement. Any advice urgently required.
Apparently the decision has come from David Mond as he is the supervisor. To say I am disgusted is an understatement. There is no way I would volunteer for redundancy had this been made clear.
Is it too late to rescind your application now? If so it may still be possible to call the variation and ask creditors to accept a full and final. They can only say no but it is worth a try.
It's all on emails. I want to take my redundancy voluntary
and offer a full& final on our interlocking IVA's. The offer
covers any outstanding payments and equity so I really
do not see the issue.
Also to top matters off the Iva is one further month behind
due to a payment break to pay for valuations. This
was at the request of the IP. Really can't understand
what's changed. Ask for a call back but no luck. Fat
chance of me sleeping tonight.
10.5(a) A debtor who is subject to redundancy whilst in an IVA must:
• Inform his/her supervisor within 14 days of notice of redundancy, regardless of whether he/she has received or is to receive any redundancy payment;
• Inform his/her supervisor of the amount of any redundancy payment within 14 days;
• Pay to the supervisor within 14 days of receipt of any redundancy payment any amount in excess of 6 months net take home pay (as set out at the last annual review date). If there is no amount in excess of 6 months net take home pay no payment is required;
• Where possible, continue to make monthly contributions into the IVA as set out at the last annual review date;
• Keep the supervisor informed of any changes in employment status. Where the debtor is unable to make contributions this will be reviewed by the supervisor.
At the point new employment is obtained the supervisor will review the debtor’s IVA contributions and at that point there will be an expectation that any remaining redundancy funds will be paid into the IVA, and the debtor’s performance in this regard will be reported to creditors.
What this means is, out of any redundancy pay-out you receive you can keep £10,026.00 which is 6 months’ worth of salary minus 6 months’ worth of your combined contribution. Any remaining amount must be paid into your IVA, if this is enough to pay your creditors 100p in £ plus statutory interest, then we can complete your IVA. If not, the IVA will continue as normal.
We would place yours and %%%^^^ payments on hold for 6 months, whilst you look for alternative employment, and should you obtain another job within this time, you must inform us and any remaining funds from the £10,026 should be paid in as well. For example, if you found a job in 2 months’ time, you would be expected to pay in the remaining 4 months left of the funds you kept to live.
