sold my flat to pay up my iva

[gaz]

i have recentley sold my flat to pay up my iva the amount raised from the sale fell short of what was expected by by £2000 am i liable to pay the shortfall ,when i first looked at selling i gave the ip a rough quote and they seem to have taken that as set in stone how do i stand?

[MelanieGiles]

Hi gaz and welcome to the forum

That will depend upon the effect the shortfall has on the dividend you can offer.

Personally I would not have thought this would be a problem for your IP, and how do they expect you to make up the shortfall if you have sold your only asset?

But if you have at any time guaranteed the dividend at a certain level, then you will need to make up the difference if you can - possibly by making monthly contributions. Was your IVA varied to allow for an early settlement?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[kris]

hi gaz, did you choose to sell? advised to or forced to? just need some advise off folk who are in the same boat. if you don't mind that is.