Lisa Thomas wrote:The shortfall due to the bank following the repossession will rank as an unsecured creditor in the #IVA
Hmmm.... contradicting information.
The IVA was granted while the repossession was taking place and was only sold after the IVA was already running.
I've read that the secured loan becomes unsecured as there's nothing to secure it on. I know the creditor in question was allowed to vote at the meeting but didn't.
So am I liable for 6 years or 12 years??
Lisa Thomas wrote:Regardless of the date the property was repossessed, the debt is unsecured and will rank as a creditor in your IVA as they will have been a contingent creditor at the time the IVA was proposed (Albeit they would have been contingent and would likely not have voted as at the time they would have been a secured creditor). Your Supervisor should ask them to submit a claim for dividend purposes.
OK, thanks, I'll double check all my annual reports.
I've questioned this in the past with the IP and been told it is included but I just have this niggle that it's going to come back and bite me.
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