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Topic starter
03/09/2012 12:00 pm
Our sequestration was granted in May this year and my husband did a self assessment tax return for his work the previous year. He is now due a refund on overpayment of tax - will the whole amount be required to be paid to the IVA - will this happen automatically or will he be paid and then he has to pay the IVA? We had hoped to use the money to pay the £500 each to ensure the security on our property.
03/09/2012 12:04 pm
Welcome to the trust deed forum Kirsty21.
I think it's likely that the amount will need to be paid to the trustee I'm afraid, but check this out with them when the time comes. It might possibly be paid straight to the trustee anyway.
The £500 you mention usually has to be provided by a third party rather than yourselves.
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Topic starter
03/09/2012 12:28 pm
Many thanks thats what we thought. We have been told that if we cant pay the £500 each before the first year we can have it added onto the end of our term and pay it back in installments, is this correct?
03/09/2012 12:52 pm
That sounds like a common scenario, kirsty21 - if the trustee has offered this arrangement then I am sure that it will be fine, but probably best to get in writing from them. Also probably best to seek written clarification as to whether they will revalue the property at that point as the goalposts could potentially shift over time.
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Topic starter
05/09/2012 10:09 am
many thanks
