I am currently nearly 2 years into an IVA and have just found out that I have inherited some money, which is not enough to pay off my IVA, I am worried that my IVA company will take all of the money. Can you advise me on what they can take off me please
Unfortunately briggadeen is right - this money will have to paid across to your IVA. You will have to continue to pay the IVA but your inheritance may mean that you can finish early if you manage to pay across £100p in the pound plus fees before the end of the period.
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 problem is I get Tax Credits, these payments will stop once they find out that I have got money. These Tax Credits are accounted for in my IVA. I cannot afford to loose my tax credits and pay my IVA
Do talk with your IP Cathy, it's vital you explain it all and hopefully all can be solved. Windfalls do need paying across and not sure how Tax Credits look at this, but your IP will be best placed to give you advice. x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Tax credits are not interested in your receipt of inheritance. They are based on your income so if you receive interest on savings of more than £300 per year then that is what you need to declare to them. Hope this helps.
There is no way around this I am afraid - the money is a windfall and will need to be declared and paid over to your IP unfortunately - but it may leave you with a much shortened timescale depending on the maths.
