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Posted: Sun Jun 24, 2007 9:20 pm
by hara
can some one tell me if some one in iva wins a couple of millions in lottery what happens then? How much is to be given to creditors?
Hara
Posted: Sun Jun 24, 2007 9:31 pm
by aguise
Hi there
If you won the lottery and that amount you would pay back all the original debt plus ip fees plus interest at I think 8%. It is classed as a windfall.
Ang
Posted: Sun Jun 24, 2007 9:33 pm
by Adam Davies
Hi Hara.
This would be classed as a windfall payment and you would have to pay your total original debt plus IP fees to date plus statutory interest[8 percent per annum]less payments already made.
Regards
Andy Davie
IVA.co.uk Spokesperson
About me:
http://www.iva.co.uk/andy_davie_profile.asp
IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp
Posted: Sun Jun 24, 2007 9:38 pm
by aguise
Snap again Andy[:D]
Ang
Posted: Sun Jun 24, 2007 9:54 pm
by Worried Man
Presumably no windfall money is payable after a F&F settlement once IVA is closed or period of IVA is over, whichever is sooner. By closed I mean all creditors have received their monies owed.
Posted: Sun Jun 24, 2007 10:59 pm
by MelanieGiles
You will only need to pay statutory interest if your IVA provides for it. No all do, and this is something which is usually included by modification rather that within the proposal document.
No windfalls are required to be paid over once an IVA has been closed.
Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
For further details contact me at
http://www.melaniegiles.com and view my IVA blog at:
http://melaniegiles.blogs.iva.co.uk