The Voting Results are in!

[Til]

Hi Guys - as promised here are our voting results in case it helps anyone...

Northern Rock Personal Loans £13000 - YES
Barclays Bank £3100 - YES
Morgan Stanley Credit Card £4700 - NO
MBNA Credit Card £6700 - YES
Capitol One Credit Card £4200 - YES
Black Horse Finance £1085 - YES
Nationwide Personal Loan £3000 - YES
Halifax Bank £3200 - YES
Max Recovery (Barclaycard) £3300 - YES

Equivalent to 27p in the £ agreed.

Worked out OH got 100% for his parts and I got 85.67% so all good! Phew! [:D]

Gotta do the remortgage thing in year 4 as normal and had to agree to 72 months but apart from that seems pretty standard. Just worried a bit about remortgaging but will cross that bridge when we come to it like all the others! [;)]

http://tilly.blogs.iva.co.uk/

[Viki.W]

Hey Til, good results. I have a few of them as my creditors, I hope they vote yes to mine. X

[plasticdaft]

Another 6 year IVA,this seems to be very much the way things are starting to go.

Well done.

Enjoy the rocky road to debt freedomness!!

[moretolife]

good results tilly on 27p in pound

viki...when is your meeting...i assumed you already were on IVA journey seeing as you are a forum expert????

[Til]

Hi Viki - I will keep my fingers crossed for you!
Yeah Plasticdaft - seems to be more and more over 6 years, wonder if they are saying yes to more like this now in case the SIVA's make it harder for them when they come along??
All a bit over my head to be honest but does seem to be a trend? [?]

[tori]

fab results til ! [:D] wishing you the best of luck with your iva journey.x [:D]

[puzzlellie]

Hi Til,

Many congratulations on your fab result - what a relief eh?

Do you mind me asking how much per month you have been committed to pay and how much equity your valuation showed?

I am just embarking on my IVA journey and pulling my initial documents together - it's very nice to hear good news stories. I still need to get my home valued which I am not looking forward to. It all seems so very drastic and the cost for the valuation seems to be around £175 - was your experience the same?

Good luck for the rest of your journey - keep us posted please.

Kind Regards

[plasticdaft]

Is the valuation not included in the costs of setting up and running your IVA??

I am in scotland and the costs were all included,not sure if its the same down there.

[puzzlellie]

Is the valuation not included in the costs of setting up and running your IVA??

I am in scotland and the costs were all included,not sure if its the same down there.

Hi there,

Unless I am missing some really obvious, I don't think they are. Can anyone from England clarify this please?

Many Thanks
x

[johnh]

On the subject of house valuation - we just popped into an Estate Agent and said we were thinking of selling. Within 2 days, at no charge, the guy arrived, gave us a written valuation and we told the Estate Agent we had changed our minds about selling (not that it matters much but the valuation was around 20% lower than we expected!). I'm sure this is all you need to do and it's not exactly a major deception being played on the poor Estate Agents.

[Til]

Hi guys,

In answer to your question puzzlellie no I don't mind giving you details at all [:)]

We are paying £281 per month but that will drop to £254 per month in 8 months because of a forecasted tax credit drop that HMRC have forwarned us about.

On the vaulation front I may have a way round this as we did nothing like that! Our IP (DFD) just trawled the internet for properties for sale in my area and then used the lowest similar sale price as evidence - hence no valuations or anything!!!

I was very happy at that and it worked out we only have about £2k equity if that so although we will have to look at remortgaging, unless something drastic happens with house prices we could never get any equity out at a 85% loan anyway so presently it looks unlikeyly they will make us do it... Our mortgage is 96K (not a mega price area) and house valued at 98k - even if house goes up to 110k in 4th year it would still mean 85% value loan would bring out 93.5 k so unlikely to be worth it to creditors.

There is of course a chance that this could all change by then but so far this is the maths [:)]

Hope this helps you ...

[MelanieGiles]

House valuations should be done on a free of charge basis - and changes to the IVA protocol announced this week indicate that internet based valuations are now acceptable for creditors - so these can be done quite cheaply. £175 for an IVA house valuation is far too much.