Also would like to query why the PPI is chased if at the end of the day, it doesn't help towards the equity pot. After all it doesn't help us. All I see is the 3rd Party doing the chasing taking their 30% and then the TD taking their cut before passing it back to the creditors, without it doing anything for us. Oh, sorry forgot it helps me practice my signature signing the paper work for the same claims 3 or 4 times.

Sorry if that sounds sarcastic but the creidtors have wrongly charged us it in the first place, so why shouldn't it be included towards paying the equity difference?

If you disagree with the valuation, you should advise that you wish this to be redone and agree a valuer you are both happy with. Then agree to proceed on the basis of that valuation.

Mark

Thanks Mark, wasn't sure if we could or not.

Hi jh1966.

In terms of your PPI point I guess you're correct in that the claims aren't being done for your benefit, they're being done to help repay more of what is owed to your creditors.

Setting it against the equity would be counter-productive in that respect - both are potential assets that your trustee became obligated to investigate when you appointed them.

Irrespective of that point I do wish you well with challenging the equity figure that your trustee is currently relying upon.

Thanks for the replies. I have since been back in touch with the Trustee and he has agreed I can get someone to revalue the house at my expense. As this is likely to cost £400 upwards I can't afford this in the 2 week time frame we have been given to reply.
I have had a couple of estate agents in for a free valuation and they are willing to give us their quotes in writing.
One for 85,000 and the other for 88 to 90,000. I had called another they have agreed the 92000 is to high as well but they believe the Trustee may only want it as an official Home Report.
Any advice on this please?

Hi jh1966.

£400 sounds like a lot for this purpose.

What area do you live in? One of our experts may be able to suggest a cheaper firm that operate in your locality.

I have to agree. You should use one of the better known surveyors DMP Hall etc and advise whoever that the valuation is for the purposes of a Trust Deed. £400 is mega expensive in my experience.

Mark

Hi jh1966,

I'd have to agree, £400 for a valuation does seem expensive.

Give DM Hall, Shepherds or Graham and Sibbald a call as these are all very well known surveyors. I use them all on a regular basis for valuations.

Has your Trustee been specific in what type of valuation they require i.e. internal inspection or just a drive by? I note you say they may want a home report valuation which can be more expensive than just a normal valuation for mortgage purposes. If they want a home report valuation to be carried out check to see if the Trustee has had this carried out and if so, ask for a copy of the report. I'd be surprised if they have had a home report valuation carried out.

A drive by valuation is where the surveyor literally drives past your house, has a look at it, takes account of the area and what properties have sold for and from this can come up with a valuation. This is the cheaper valuation and can come in between £50-£80.

Generally when I request a valuation we have this back within 2 days. Normally you will be invoiced for the valuation and have 28 days to pay this so if you are struggling at the moment, you can always request the valuation and you have a bit of time to pay for it.

You should give all three a call and see what the cost will be.

A home report is usually only required if the property is being sold - I am sure a "scheme 1" market valuation will be sufficient. I wouldn't have thought that this would cost you much more than around £200.

Whilst a drive-by valuation is certainly cheaper, it might not be particularly useful to you if you are saying that the internal condition of your house (damp etc) means it would be worth less than others on the market around you. Best to get an internal inspection too.

Probably the best idea would be to speak with the Trustee, pick one of the surveyors listed above and agree to agree on their valuation.

Mark