I entered into an iva in Nov 2009, I lived in a shared ownership property at the time and was told it would not be counted in with the iva as it wasn't all mine. In 2013 I sold the house, due to necessity really and was left with around £3500, which I used to move house and decorate the new house, pay bills etc. Now my iva should have finished in Nov 2015 but there's a sticking point over the sale of an asset. Any advice anyone? I need my completion ASAP.
No idea on this one but hopefully one of our experts will be along shortly to advise.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
You say the property 'would not be counted in the IVA' but if that was the case then I suspect this wouldn't be an issue.
Check your paperwork to see if it was definitely an excluded asset.
Unless the property was excluded from the IVA then it sounds to me like you breached the terms of your IVA as soon as you sold it and didn't pay the equity over. Although you might be able to argue it was less than the minimum of £5,000.
I suspect the IP is rightly asking you to pay over the £3,500.
If so you will need to cooperate and reach an agreement with them to repay the monies.
If you are still unsure ask them for a written explanation (if you haven't got one already) as to why they believe the money is due into your IVA.
