Hi. Any inheritance will be taken into the IVA up to the value of the full original debt plus fees and possible statutory interest, unless the inherited sum is less than £500 (assuming you have this particular clause in your agreement).
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Bit gutted about it really as need lots off repairs to my property and pay a large electric bill,, found the iva a struggle and prices go up my wages are not ,,
Ask your IP to call a variation for you to retain some of the funds for the reasons you have described. Creditors will appreciate your honesty and I see no reason why they would not allow you something. We have done it in the past and found creditors to be more than reasonable.
If your IVA proposal follows the IVA protocol, your IP need not have to call a variation meeting as they have discretion built into the proposal to allow essential expenditure to be covered from windfall payments.
It will make it clear in the IVA proposals and attached terms and conditions. Look for part V of the terms and conditions - or better still ask you IP to guide you there.
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