Part of my IVA is a spanish apartment which I am handing back to the Spanish Bank
can they chase me for the shorthall in the UK? do they have to follow all the IVA rules? do they have to write this debt off on completion of my IVA?
I would imagine that the Spanish bank would have their own set of rules, your best bet is to try and speak with your own IP to see if they can give some advice on the topic to you.
They can chase you for the shortfall, but this should have been included in the IVA in any case. Was the Spanish property, and its associated mortgage, included in your IVA proposal?
Thanks Mel Yes the spanish property and mortgage is included in the iva just need some reassurance that the shortfall will be wiped out when the iva is completed. My IP tells me that i am protected but i still worry about it.
Have sent the keys back to the bank in spain, any idea what happens next?
Leave it to your IP to deal with the Spanish bank. In my experience the banks in Spain are very slow to react to English insolvency processes and you and your IP may have to be patient until the shortfall has crystallised.
