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Iva help!

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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.

Comments

  • Gimpsdad
    Gimpsdad Posts: 315 Forumite
    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.
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