An IVA may help Tory candidate's spiralling debt situation
- Monday, 8 February 2010IVA help may be needed for Conservative party candidate Adeela Shalfi, who has had her home repossessed due to spiralling debts.
Mrs Shalfi has had three county court judgements against her for unsettled debts, including one for almost £330,000.
Two of the orders have been settled, but the £324,000 owed to her mortgage company is listed as 'unsatisfied', the Daily Mail reports.
The house, which was previously valued at £460,000, has been sold for a knockdown price of £250,000, but the Tory candidate is still liable for the remaining money, reports the news provider.
Mrs Shalfi can potentially be forced into bankruptcy if she does not pay.
Spokesperson with the mortgage company Kensington told the Mail: "As a matter of process, if a customer were to incur a shortfall following the sale of a property, where possible we would enter into an arrangement to repay the shortfall with the customer."
Mrs Shalfi, Conservative party candidate for Bristol East, also lectures in psychology part-time at the University of the West of England.
