Hi, we have just made payment number 69 out of a 72 month IVA. I have been chasing CF since last year requesting we sort out if we have any equity in our home, which may push us into a 7th year but all I keep getting is someone will be in touch. This should have been sorted in month 66 and is now getting frustrating!!! What happens if we get to the 72nd payment and nothing has happened???
Get your own valuation and redemption figure for your mortgage. You can then calculate the equity situation yourself and if favourable send it to them as a 'fait accomplis'.
my question following that though, would be that if you get to month 72 and they still haven't done anything....do you carry on paying? or do you hope that if you still pay the monthly payment, and they then say later on, that you're iva is finished...will they pay you back.
If any of the modifications are not adhered to the regulators will not be happy. If it says 'the supervisor' must do something then the IP has to have it done. However if it says ' the debtor' must obtain valuations then get it done yourself.
If my proposal says the Supervisor should obtain a valuation (in my case ceditfix)...and they use a drive by valuation, and I get a forced sale valuation from an estate agent, who decides which valuation is used?
Your valuation is fine and in this wording you can go ahead and instruct yourself and send the valuation to CF. The supervisor will then have 'obtained' one and can get a second opinion if they like. There would be no point though if yours is from a local agent.
I suppose they could try but if you had a valuer with local knowledge who viewed the house this valuation would be more useful. If they tried to force you down any other route you could object anyway if it conflicted with the original proposal.
