I am in the last year of my 60 month(??) IVA. I have received a letter today to advise that my IVA is to be extended for 12 months, due to a) not being able to remortgage b) supposedly my share of equity is more than £5,000. To say I'm devastated, is in understatement. I was so ready to get my/families lives back on track. The amount secured on my property is approx £183,000, my property is supposedly valued at £216,000, however following research I feel its value is nearer £190,000. I have spoken to DFD to advise them I contest the extension, they suggested I obtain 2 separate valuations and submit back to them for review. Is there anything else I should be doing ?
I guess you will know values in your area better than your IP, who in all probability, has just carried out a rudimentary search on Zoopla etc.
Try getting 4-5 Estate agent valuations, and present the property as badly as possible, and say to them that you are looking for a quick sale etc. Ask them to send written vaulations. Hopefully you get something nearer the £190k mark. Send the lowest 2 valuations to your IP.
Hopefully, that's problem solved.
Best of luck.
My opinions are just that: Based on my experience and being a self-employed IVA customer.
If they have used zoopla - challenge as you intend. According to zoopla my property is valued at £172,533 - not sure how they can be that accurate. I recently had it valued mid September by a local estate agent as part of my IVA proposal and guess what - it was valued at £155k.
Dear all, thank you so much for your replies, it has helped me enormously and makes me believe I can challenge the extension.
Best of luck to you all !!
Its fantastic what strength is given to people from the support given on here by the posters. Glad you feel in a more confident position Iain and best of luck with the challenge!
Regards, Tina Shortland, Debt Advisory Manager for Melanie Giles at Debt Advice TV.
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