The inheritance would be captured by the IVA in addition to any other payments. However if your payments are quite low and you are struggling your IP may be asking creditors to close the IVA down as full and final settlement or perhaps it will repay creditors in full.
Hopefully creditors accept the full and final if that is the case as a reward for your honesty in declaring the inheritance.
I'm lost to it all,, my debt wAs 26000 when I signed iva I was paying back 14500,, I have paid 3500 into iva already,, they have said that they could propose using the 10000 legacy as early settlement? But surely I will still owe money outside the iva? Or has that been written off?? Totally confused when I said that and they said it could be used to settle iva .
If they are going to off 10,000 to your creditors as a full and final settlement and they accept your IVA will complete, all other monies owing will be written off, leaving you debt free again this is assuming your creditors accept. Very often they would like their money sooner rather than later so therfore it may be a favourable offer.
I wrongly assumed all the inheritance would go into the IVA and you would continue payments until the total debt had been settled. However, if your IP is willing to put forward a full and final offer using your inheritiance then I would say it's a very good way forward.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
If it is proposed as a full and final settlement and they agree your IVA will conclude. Have a word with your IP to make sure this is a definite possibility and take it from there. All the best.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Sorry --- but with those figures I cannot see the creditors accepting the inheritance in settlement when they are entitled to it anyway. I would say the more likely scenario is that they will take the inheritance and then normal repayments would continue until the natural conclusion of the arrangement.
Who is your firm, Emma ?
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
How much are you paying into the IVA on a monthly basis, Emma - and would you be able to still afford payments at that level after the offer has been presented?
I am so sorry to hear this Emma and I am sure creditors will agree to a full and final settlement. It seems you have the support of your IP which is a huge help.
Sorry to hear about your fiance, Emma. This could put a different light on the whole situation and, hopefully, creditors will look on the offer sympathetically. Please ignore my earlier post, which assumed no extenuating circumstances.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
It's ok foggy you was not to know,, my partner did not live with me but did support me financially with many things,, I'm going to struggle greatly now to keep my head above water as my wages have recently dropped too ,, I'm already broken due to my lose and stress off money is not needed .
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