www.iva.co.uk

I am due to pay my 60th payment on my IVA in October, and had a call today saying that they have not received my valuation that they asked for 10 months ago.
My questions are why 10 months wait before they tell me this?
My proposal say's The debtors property is to be professional valued within 3months after the fourth year anniversary of the arrangements, the debtors equitable interest is to be released and paid to the supervisor before completion of the arrangements .
If necessary the arrangements can be extended with approval of 75% of the creditors voting to allow an equivalent sum to be paid by way of on-going contributions for a period of up to twelve months.
It’s a good job I have the original valuations still the question is will my IVA end next month?
As there is no equity.
1st valuation is between £115000-£120000
2nd valuation is £114995
3rd valuation is £120000
My mortgage redemption is £118795 and I have a secured loan of £13000

I don’t want to be fobbed off with another 12 months when it does not look like any equity in the property is available.
Also if there was how they can wait 15 days before the end of my IVA to tell me this as it states any equity should be paid before the end of the 5th year.

Some advice from independent parties would be much appreciated, so I would know what to say if they try to make me extend for 12 months.
Sorry for the long post but thanks guys in advance.

Hi there and welcome to the forum

If the IP asked you to produce this documentation, then you should have complied with this request, but I do agree a reminder would have been helpful.

As there is no equity to release from your property now, this all seems rather academic, but as your IP has to verify this, this is the reason for needing the paperwork - so I suggest that you try and get that to them early next week. Unless you have a requirement to return a minimum dividend, which relied on extra money coming from the equity, I would guess that next month you will be making your final payment - but with all specific queries only your IP can really confirm this one way or the other. Let's hope that is the case.

Hi
If you have no equity then there is no reason for your IVA to extend
Good luck
Regards

Hi Melanie,
Thanks for the reply.
What I forgot to mention was I sent all this paperwork to them back in November 2010 and have heard nothing until yesterday.
It's not a problem as I still have the original valuation reports which are dated 10/11/2010 so shows that I done what was required and had my property valued within 3 months after my 4th year review.

Thanks also Andy for your reply.

Regards

That is good to hear and puts you in a good position to argue that the IVA must conclude on time.

Well done for getting to your last payment KNS good luck for this month,hope you get a positive outcome.

Good luck from me as well, hope it works out for you.