What happens if my partner, who has an IVA, is left money ?

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Clare.27

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Post by Clare.27 » Tue Dec 02, 2014 11:03 pm
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My partner has an IVA for 9 months now: If she was to be left money, would the creditors take all of the money if she declared it? Or could she just pay what she owes?
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plasticdaft

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Post by plasticdaft » Tue Dec 02, 2014 11:33 pm
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She would have to declare the windfall to her insolvency firm.

Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
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Foggy

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Post by Foggy » Wed Dec 03, 2014 7:58 am
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During an IVA the sum owed is the full original debt, plus fees and possible statutory interest. The amount of the windfall, up to this amount, would have to be paid into the IVA.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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hubert

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Post by hubert » Wed Dec 03, 2014 8:48 am
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Under my Iva term if I receive a windfall I can keep 50% of it.

Is that not standard for an Iva?
One pay-cheque away from oblivion!
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Adam Davies

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Post by Adam Davies » Wed Dec 03, 2014 8:54 am
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Hi

Many IVAs are different, just depends on how they are drafted and agreed

Regards
Andam Davies
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Foggy

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Post by Foggy » Wed Dec 03, 2014 8:59 am
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This is the problem with giving advice here --- the "I" in IVA stands for "Individual".

Not all IVA's are the same, although drafted on similar principles. The answer to many a question lies in the paperwork somewhere and those of us in, or recently out of, an IVA can only recount our personal experiences.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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