Creditors presented a new figure saying larger shortfall

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by john569 » Tue May 09, 2017 8:17 pm
Hi i recently made a final payment to my creditors on the 14th feb 2017 which was agreed.Contacted the company to see why i havent recieved my certificate of completion. To learn that one of my creditors had presented a new figure saying larger shortfall when the house was repossessed 5 years ago company have asked them to break down the figure. I was under the impression it was sorted . I have taken flexi retirement and my income has reduced cannot draw my pension as it will be a windfall.
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by Foggy » Wed May 10, 2017 6:48 am
Much will depend upon the size of the discrepancy and the reasons the lender gave the incorrect figures in the first place. I would argue that you have fulfilled all of your obligations as agreed and that the IP and creditor sort this out between themselves and issue your certificate in the meantime. However, I am not party to the full facts.
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Michael Peoples
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by Michael Peoples » Wed May 10, 2017 8:10 am
I agree. The debt should be captured and where there is a projected shortfall the IVA should only be an estimated return. Check the paperwork to see if there was a guaranteed minimum dividend which could cause a problem.
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Lisa Thomas
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by Lisa Thomas » Wed May 10, 2017 8:38 am
This should just mean that the creditors get a smaller dividend but it depends on the variation - creditors may have accepted this on the basis of incorrect figures and it could unravel the settlement.
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