I think you need to speak to your IP company about this. It is all individual.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
As you say skintali, you are at least half way there. Not, on the face of it, the best way to utilise an inheritance, but, at the end of the day it is instrumental in getting a clean credit slate and a fresh start.
Jan, as we know all the proposals are different in many aspects. I don't get stung for interest, but others get the 10% 50/50 allowance on extra earnings and bonuses (which I don't .... straight 50 50 split for me.)
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
The benefit of hindsight is often a great thing, but in this poster's case sadly not. You have to balance the requirement to pay statutory interest out of the inheritance, against the interest you have saved over the course of the IVA - as interest stoppage is not certain in a DMP and there would also have been costs to pay in that scenario had you chosen a commercial company to represent you.
The statutory interest element is calculated on a daily basis and can be complex if your IP has already paid some dividends. If they use one of the standard IP case management software programmes then this should be calculated automatically.
What a shame that you have had to lose your Mum to find yourself in this position, but she would have been mightily proud that you are doing your best by the people who lent you the money originally in good faith.
