If you are close to the £5k equity "trigger point" it might be worthwhile getting an on site valuation --- don't forget that online valuations ( apart from actually being averaged out) do not take account of 5 years with no realistic maintenance or repair.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
We have loads of equity so no point trying for 5k . haven't got that far yet waiting for redemption statement hopefully this week . then try to remortgage .
If you have significant equity then there is little point in paying for a valuation unless Payplan cover the costs. Your IVA will likely be extended as remortgages are still difficult although apparently it is getting easier and cheaper. If you are looking to get out of the IVA then it would be worth speaking to a specialist broker such as Shaun Vickery from Select who has access to secured loan products in addition to remortgages. These are often a better option than a total remortgage as you can keep your existing deal with your existing lender and not have to switch everything to sub prime rates.
Thanks Michael , I am hoping for a years extension to be honest and after speaking to a case worker at Payplan, she told me that they now have a list of lenders who they know wont offer a remortgage and will take my word for it that I have tried to apply with them . Don`t know how true this is but it seems a sensible approach to a pointless exercise !
If you have the option of an extension then it does seem best for you. Early closure has its advantages if you are looking at increased earnings or want to keep all your overtime for example but financially an extension is usually the cheapest option.
It is good that Payplan are not expecting you to get rejections as these can be on your credit file after the IVA is over and further damage your file when you thought it was all clear.
Ask Payplan if they will pay for the valuation as a cost of the IVA. We will allow up to around £100 plus VAT which means the valuer gets paid for their time and the valuation is true and not bumped up to get the business.
