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Inheritance money
Posted: Sat Mar 09, 2019 8:58 am
by Zippy6971
Hi
I'm with credit fix and I'm going to receive some inhertitance of the amount of around £35000will they keep every penny of this or will they allow me to keep some of it as I had a claim for average holiday pay and received £1400 and they let me keep half of that any help much appreciated
Re: Inheritance money
Posted: Sat Mar 09, 2019 9:15 am
by kallis3
Inheritance will be classed as a windfall and will probably have to be paid across. If you reach the magical 100% plus fees, anything else will be yours.
Re: Inheritance money
Posted: Sat Mar 09, 2019 9:24 am
by Zippy6971
It was strange that they let me keep half of the average holiday claim money I received or is that not classed as a windfall as I should be been getting it anyway
Re: Inheritance money
Posted: Sat Mar 09, 2019 9:27 am
by kallis3
No, your holiday pay is not classed as a windfall, it is more like a bonus.
Re: Inheritance money
Posted: Sat Mar 09, 2019 10:15 am
by Foggy
Work related income is treated differently in that you generally keep half of extra income (except redundancy payments). You always owe the full original debt, plus fees and possible statutoey interest .... if the inheritance takes you up to that figure the IVA will end early, if not it will continue "as is".
If you get close to that figure it might be worthwhile asking the IP if the creditors would exclude statutory interest, which might bring about an early conclusion.