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Posted: Tue Dec 02, 2014 11:03 pm
by Clare.27
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?
Posted: Tue Dec 02, 2014 11:33 pm
by plasticdaft
She would have to declare the windfall to her insolvency firm.
Paul
Posted: Wed Dec 03, 2014 7:58 am
by Foggy
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.
Posted: Wed Dec 03, 2014 8:48 am
by hubert
Under my Iva term if I receive a windfall I can keep 50% of it.
Is that not standard for an Iva?
Posted: Wed Dec 03, 2014 8:54 am
by Adam Davies
Hi
Many IVAs are different, just depends on how they are drafted and agreed
Regards
Posted: Wed Dec 03, 2014 8:59 am
by Foggy
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.