www.iva.co.uk

hi
i wonder if someone could help me pls.
i had a debt of 55k
iva started in Oct-2009
iva term = 5 years
iva monthly payment is = £300

recently i have received a large amount from a will from canada(my uncle)
and i was wondering if i could pay off the iva early ! is this possible? and if so, how much i should pay in total to be iva free.

Hi and welcome to the forum.

If you have received a windfall from a will then you will be expected to pay this across to your IVA. If this means that you pay your IVA in full, then great.

You will always owe the full amount until such time as the IVA is completed.

Speak to your IP to tell them what has happened.

Hi and welcome to the forum from myself, I'm sorry to hear about your loss but agree with Kallis you need to tell your IP about your inheritance. To be IVA free you would need to pay all what you owe, IP fees and the statutory interest. All the best.

hi and thanks to all your reply.
but is this mean i have to pay the original total amount owed(55k) or the total iva remaining (300x60 months=18000) ??

thanks again for your reply

If the ammount is great enough to pay the full debt then that is what you would be expected to pay

So sorry to hear of your loss x

plus ip fees and vat etc.sorry to hear about your loss ivavix,best to have a word with your ip to see what your options are good luck.

waooo, if i have to payoff the full debt, i would keep quite then, and spend the money wisely

thanks.

But that would be extremely dishonest to your creditors who agreed to allow you to write off some of your debt based on your then circumstances, and to your IP who will be trusting you to make honest declarations of all changes of circumstances.

I agree that it would be dishonest.

You took out the loans, presumably with the intention of paying them back in full. You now have the chance to do that and you should be proud that you can do so.

well, i think its dishonest by the creditors as they new I'm in financial difficulties and they still gave me more !!!
plus my name is ruined now after been in iva, soo whats the point paying off the whole debt !!

Your name has not been ruined by having an IVA - if your name has been ruined at all (which I doubt) this has derived from being in debt which you cannot pay. And did the creditors give you more or did you ask for more first?

I think that I can see where ivavix is coming from as regards the behaviour of some creditors when feeding the debts of the vulnerable - as ivavix says, creditors were aware of the financial difficulties of this poster yet still lashed out further credit which was not requested. This scenario mirrors my own experience with my only creditor, the RBS - who repeatedly raised the credit limits of my two RBS credit cards without me asking them, from £2000 to £6000 on the one card, and from £5500 to £13500 in the space of 2 years on my other bog standard Visa card, which had coincided with my gradual addiction to gambling which was up until then largely fuelled by prescribed drugs for Parkinsons' - it's side effects are well known for causing compulsive gambling although I am not going to blame it entirely for the situation I find myself in now,nor seek sympathy for it, but I had been with RBS since 1981 - I had an impeccable credit rating, and they had been falling over themselves for many years to lend me money!
It didn't end with my credit cards, as when the card limits were passed yet again, a commission hungry bright young spark from my Bank rang me at home alerting me to the fact that my credit rating was plummeting due to repeatedly exceeding my credit limits on these cards, and that he would offer me a RBS loan to clear the debts (with 'Loanguard' added of course!) for £21000 (total payable over 7 years £33000) which could be paid into my Bank Account within days after me signing a form faxed through to me after the phone call - I didn't even have to fill it in. I was in such a demoralised state of mind at the time due to my conflicting medication and the fact I had compulsively thrown away 154 grand over 2 years I just said yes as it was an easy quick fix, and he rang me back 3 days later to inform me that the money was in my account and he had also upgraded my current account from my free c/a to a RBS Royalties Account costing £16 per month - something else I didn't ask for but I failed to argue as to why he had done that - anyway, the money went the same way as the rest which was no surprise to them as they could see that I was in trouble long before - they only had to look at my credit card statements.
My point is that the antics of some creditors are far worse and far more irresponsible than the behavioural spending patterns of people who get into debt and I have little sympathy with some of these creditors not getting the monies paid back, and there are a lot more people about with the attitude of ivavix because of this than we would like to imagine, and they keep popping up on this forum! When I was a teenager in the mid 70's my Bank Manager of the time at Nat West would give me a serious earwigging if I was as little as £30 overdrawn - it only happened once! The Banks and the way that they were run had credibility in those days and they acted responsibly when perhaps some of their customers did not !

hi pelder i hope your health is more stable,credit to you for being so open about your cicumstances,i totally agree with the way banks attitudes have changed over the decades regarding lending,bonuses and commissions,come to mind regarding irressponsible lending.basically thats what drove the world into recession.i hope you had a nice xmas and happy new year.good luck to the future pelder.regarding ivavix intentions of spending inheretance money without informing ip you reap what you sow.this in my opinion would constitute more than breaching a legal binding iva but fraud.which could result in jail,if you look in your terms and conditions,this warning was certainly in mine i recall regarding knowingly giving false information and decepting the courts.i think spending a large amount of inheretance money without informing your ip would come under the umrbella of fraud.regardless of the past,if iva,s are set up and managed by a competent ip,they are a welcome arrangement that helps people move out of misery caused by debt,regardless who,s falt,into the bliss of a debt free world like it did with me,theres more important things in life than money,but without it your life is surpressed.so i would not condone abusing a system that gives people a second chance in life regarding finances and am proud that our country has compassion for people in debt and gives them a leg up to move on.

I wonder if ivavix means that their credit rating is shot? If this is the case then he/she is correct. Other than that your good name is safe.

You have a duty to declare any extra monies to your IVA company and if you repay the creditors in full, you should be proud of that.

As regards the banks etc., throwing money at us, yes they did.

We could have said 'No'. We were not forced to take the money.

I certainly wished I had done that.

Thanks Ronald, and a Happy and Prosperous New Year to you too. I am actually OK now and a change in medication (though it came a bit late!) has improved my well being no end and all of the frenetic compulsive behaviour has gone now - and people being honest and open is a major constituent in the success of this forum, so whatever opinions and experiences can be shared via this conduit - whether we agree with them or not, then let them flow!