So your share is £57,475 and I think you would need to pay around £35,000 assuming that you cover the 26% offered and then have 74% to go. So you will still be left with a nice sum of money and a legacy from your relative which you do something really nice with. It sounds like a win-win situation to me.
Just goes to show that it is always best to be honest about these things. Seems as though everyone will win.
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
I personally would always be 100% honest in respect of my IVA it's in my best interest for it to conclude within the terms of the IVA. Discojen hope you take Melanie's advice.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Could you tell me please, with your IP hat on, what documents you would need to see with regard to my inheritence and finishing my IVA. I don't know if I can get hold of the original will as I never had a copy of it.
Oh, and a couple more things. As an IP would you be prepared to wait for the sale of the house to get the remaining money? Or would you want the cash I have straight away?
I have been paying the fees as I have gone along. Am I suddenly going to owe the IP a huge lump sum as well, or should that be covered by what I have already paid (minus the six months I still owe?)
having just joined having watched for a while this post makes me think as i have just received advice from acompany wanting to represent me for an iva that if i inherit any money that it would me mine and could only be used against the agreed payback and not the original debt
Until an IVA is complete you are still liable for the full amount of your debts, not the amount payable under the IVA. Hence if you inherited money, or had another windfall, this would have to be paid into your IVA, which could mean you pay your debts in full plus IP fees.
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
I agree with Skippy too Jan.....I would also put it in perpective, what are the realistic chances of receiving a substantial windfall during the duration of an IVA?
Be interesting to see how many posters have received one in the past 5 years, if indeed at all?
I think the windfall clause can cloud the judgement of entering an IVA if blown out of proportion.
If we receive a windfall, we should be expected to pay it across so we can hopefully clear all, or a good proportion, of our debts.
We should not be looking at how little we can pay across to our creditors. We should not be thinking about windfalls at all.
Better to concentrate on repaying your normal IVA and address a windfall as, and when, it occurs.
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
Putting the moral & legal aspect to one side I would find it a little sad that a deceased relatives hard earned money would have to go to servicing my debt but I suppose that is life! can an inheritence be rfused?
It doesn't matter how a windfall comes about, it should be declared and any monies paid across.
What I would say is, that if I was paying my debts as normal and had an inheritance, I would use this to pay my debts off.
Is this not the same thing?
I don't know whether you can refuse an inheritance - if you did, who would get the money?
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
you can refuse an inheritence in the same way you can refuse a gift but I think you have to do it within a certain timescale, I guess the unclaimed inheritence would then go to probate & ultimately go to the next of kin.
I can tell everyone now that if I thought that someone was planning to leave me money whilst I am in this IVA I would tell them not to bother as I would not want their hard earned money bailing me out of mine & the Banks stupidity!
