We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Iva help!
nickymunch
Posts: 1 Newbie
in IVA & DRO
Any help appreciated....i began an iva last year for debt's that accumulated to approx £22,000.00, i decided that after having my house repossesed that i would allow the iva to fail and file for bankruptcy because i assumed the house would be sold by the solicitor's for a fraction of its value. Surprisingly ive received a letter from the iva company, telling me that they have been sent confirmation of £21,000 surplus from the sale of the house. They want me to use this so that the IVA doesn't fail....Can I not request for the cheque and I pay the creditors invididually so that I do not have to pay the large amount to the IVA company?
I look forward to recieving some advice.
I look forward to recieving some advice.
0
Comments
-
Did you discuss failing the IVA with your IP? Have you had confirmation of termination? If your IVA has not failed then your ex mortgage company has done the right thing in informing your IP and the cash will count as a windfall within your IVA proposal.
You need to clarify this with your IP as soon as you can.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.7K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.1K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.3K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards