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  • FIRST POST
    • leninspot
    • By leninspot 15th Mar 17, 12:34 PM
    • 46Posts
    • 20Thanks
    leninspot
    IVA and inheritance - advice please
    • #1
    • 15th Mar 17, 12:34 PM
    IVA and inheritance - advice please 15th Mar 17 at 12:34 PM
    I'm just about to sign up for an IVA - in the future I may come into an inheritance - would I be forced to use that money to pay off my creditors?
Page 1
    • ~Beanie~
    • By ~Beanie~ 15th Mar 17, 1:03 PM
    • 2,901 Posts
    • 2,073 Thanks
    ~Beanie~
    • #2
    • 15th Mar 17, 1:03 PM
    • #2
    • 15th Mar 17, 1:03 PM
    More than likely, yes!

  • National Debtline
    • #3
    • 15th Mar 17, 1:25 PM
    • #3
    • 15th Mar 17, 1:25 PM
    Hi

    If you received the inheritance while the IVA was still running it would be classed as a windfall and would have to be paid towards your debts, as Beanie says. If you weren’t in an IVA at the time of receiving inheritance you could potentially try making full and final settlement offers with the lump sum.

    Have you taken any independent advice on whether an IVA is a good option for you at the moment? If you haven’t already done so I recommend contacting one of the free debt advice charities for a second opinion.

    James
    @natdebtline
    We work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps
    • mcpitman
    • By mcpitman 15th Mar 17, 2:30 PM
    • 522 Posts
    • 359 Thanks
    mcpitman
    • #4
    • 15th Mar 17, 2:30 PM
    • #4
    • 15th Mar 17, 2:30 PM
    I'm just about to sign up for an IVA - in the future I may come into an inheritance - would I be forced to use that money to pay off my creditors?
    Originally posted by leninspot

    Yes and rightly so too.
    Life isn't about the number of breaths we take, but the moments that take our breath away. Like choking....
    • DJones17
    • By DJones17 19th Mar 17, 10:18 AM
    • 3 Posts
    • 0 Thanks
    DJones17
    • #5
    • 19th Mar 17, 10:18 AM
    • #5
    • 19th Mar 17, 10:18 AM
    I would seriously consider all options before entering an IVA. I was previously in one and it was horrific. I felt the firm pushed me into this solution without discussing other options that were available.
    • ScaredWitless
    • By ScaredWitless 19th Mar 17, 1:45 PM
    • 105 Posts
    • 11 Thanks
    ScaredWitless
    • #6
    • 19th Mar 17, 1:45 PM
    • #6
    • 19th Mar 17, 1:45 PM
    DON'T do an IVA.

    Speaking from experience, I signed up for this option and it was the biggest mistake I made.

    After 2 years of paying into it, the IVA company I used mostly paid themselves first before paying off my debts.

    After the 2nd year review they wanted to up my payments which I couldn't afford so I told them where to go.

    I feel they did this to make the IVA unaffordable.

    It also affects your credit rating.

    Are any of your debts before April 2007?

    The reason I ask is that there is a lot of agreements made before this date that are potentially unenforceable.

    I had 4 debts under my IVA.

    1 debtor admitted there was no agreement (which made to debt invalid), 2 where with the Halifax and they couldn't come up with valid agreements which were improperly executed.

    The other claimed to have had deed of assingment but never showed it.
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