what happens if i inherit a sum of money, assets ?

[Fiona.r]

what happens if i inheret a sum of money or assets

[Broke of London]

Hi and welcome! Can you give a few more details? Are you in an iva? How did you come by the sum of money?

[Broke of London]

Hi - just read your post properly! You would need to disclose the inheritance to your IP. It is due to the creditors as soon as you are aware of your entitlement rather than at the point the assets/ money is transferred to you (tho they obviously don't expect payment until you have it). I'm sorry to hear you're in a situation to be thinking about this x

[stewpots]

what happens if i inheret a sum of money or assets

Keep it is another answer for a balanced view, usual disclaimers apply

[MelanieGiles]

If you follow stewpots' suggestion, then you would be deliberately in breach of your IVA which is something that this forum would never condone.

[carlmcmullen]

It would have to be disclosed to your IP, however depending on the amount you inherit it could well be worth discussing with your IP using the money as full and final settlement of your debts and bring your IVA to an early conclusion.

[MelanieGiles]

I am not sure I follow the logic on that one Carl. How can you use something that creditors are already entitled to receive to early settle an IVA?

[Foggy]

Will only settle early if the inheritance is sufficient to cover the original debt, fees and possible interest.

[MelanieGiles]

No need to make an offer of settlement in that case!

[Foggy]

True, Mel. I should have used the word "finish" as opposed to "settle" :0)