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Posted: Wed Dec 03, 2014 11:48 pm
by Clare.27
I have been obligated for 9 maths with an IVA, there is a possibility I may come into some money, will the creditors take all my money, the money I owe and more? Or would it be better if I cancelled the IVA?
Posted: Thu Dec 04, 2014 9:23 am
by Michael Peoples
You must advise the IP once you become aware of any windfall. This money will be used towards repaying your debts in full plus fees and possibly statutory interest. Any left will be yours to keep.
Posted: Thu Dec 04, 2014 9:30 am
by Adam Davies
Hi
The danger of not paying into your IVA is that your creditors may insist on bankruptcy and any windfall received will have to be paid into that with higher costs involved
Best to speak with your IP and explain the possibility of a windfall
Regards
Posted: Fri Dec 05, 2014 12:00 am
by Clare.27
Hi Thank you for replies; However can you tell me ... If I was to be left a substantial amount of money in a will, would this be classed as a windfall?
Posted: Fri Dec 05, 2014 12:07 am
by anap
Yes it is a windfall. If it is a substantial amount then you'll probably have enough to pay off the IVA and still have some left over.
Posted: Fri Dec 05, 2014 4:23 am
by luluj
If sufficient to cover your original debt plus IP fees and possible statutory interest then you would be expected to pay it in and anything left afterwards would be yours. You always owe 100% of your original debt and windfalls go towards paying a higher dividend to creditors.