Can they do this becouse I did not pay on time

[behr]

My trustee applied for court order and got a position order for the house my wife and I jointly own. They agreed not to act on it provided I pay the sum of £21K by 30th June 2007. In the mean time I applied for discharged and was discharged. Due to few delays I just managed to have the house re-mortgaged and offered to pay them the amount. Now they are asking for £35K becouse I did not pay it on time. Can they do that?

[MelanieGiles]

Hi behr and welcome to the forum

On what basis was the £21k calculated? What is your current share of the equity?

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

[behr]

Hi Melanie
It was calculated based on value of my share in the property around Jan 2007 and now asking for more due to increase in market value of same property.
Thank you
Behr

[MelanieGiles]

I cannot believe that a property could increase in value that much over the last seven months. Ask the Trustee to provide you with a copy of both valuations.

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

[iva_squirrel]

Hi behr,

Melanie is right, a property cant increase in value that much in such a short time. I would ask them to make both valuations available so you can confirm the figures are correct.


Regards,
Michelle P.