shortfall from voluntary repossession?

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sparx71

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Post by sparx71 » Tue Sep 16, 2008 10:10 pm
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I have applied for an IVA,and have a property which i have had voluntary repossessed.If there is a shortfall when the property is auctioned,will this be automatically added to my unsecured debt,and covered by the IVA?
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LoneRanger

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Post by LoneRanger » Tue Sep 16, 2008 10:11 pm
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Hi and welcome

Someome will pick this up soon and answer your question.
Steve.

IVA approved!
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facingittogether

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Post by facingittogether » Tue Sep 16, 2008 10:27 pm
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welcome from me too!

taking this back to the top so that a professional will see it!

hang on in there!

love barb x
12 down - 60 to go! woo hoo!
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MelanieGiles

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Post by MelanieGiles » Tue Sep 16, 2008 11:04 pm
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This potential contingent liability should be provided for within the IVA proposal. What is your IP doing about this? It is possible to include the debt within the IVA, but a best guess stab at the final figure would be very wise to set the expectations of your other creditors.
Regards, Melanie Giles, Insolvency Practitioner
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