IVA going through, a few questions?

minniesmommy

I have an IVA going through for £202 a month for 5 years. I have a few questions that have confused me when I have read the paperwork.

1) If my Father dies and leaves me £13,000 as his will states, will I have to give all of money to the IVA people ? My debt is £23,000. The IVA has reduced this to £12,000 to pay back. Will the money pay off the IVA in full or go towards paying off the total of £23,000?

2) If I marry a partner in future who is earning £30,000 p.a will he be made liable to pay into the IVA aswell as it is classed as joint income?

3) My debt is all unsecured and on mainly credit cards. The one creating most fuss is Aqua who are demanding payments asap despite being told an IVA is going through. What can they do in the meantime besides sending so many letters with 'payment demand' on them?

4) I am looking at my income rising from £12k p.a to £25k p.a when I finish University in three years. Will I have to pay the whole extra 1k per month into the I.VA?. My costs will only rise slightly for working fulltime.

Thanks

Tixy

Hi

I think to get the right answers you need to ask these questions on the IVA sub-board (which is part of the bankruptcy board). People there will be able to advise best.

RAS

You really should have been told how this works before you organised the IVA.

Is this with a fee-charging comapny or a debt charity (before people get upset - I know that when a debt charity organises an IVA, the IP charges a fee).

minniesmommy wrote: »

I have an IVA going through for £202 a month for 5 years. I have a few questions that have confused me when I have read the paperwork.

1) If my Father dies and leaves me £13,000 as his will states, will I have to give all of money to the IVA people ? My debt is £23,000. The IVA has reduced this to £12,000 to pay back. Will the money pay off the IVA in full or go towards paying off the total of £23,000?

Yes it would go to your creditors - even if the total payments exceed £23,000, as there will be about £6,000 of IP fees to pay as well.

2) If I marry a partner in future who is earning £30,000 p.a will he be made liable to pay into the IVA aswell as it is classed as joint income?

They would not be liable to pay the IVA but your contribution would increase to take into account that your essential costs had halved.

3) My debt is all unsecured and on mainly credit cards. The one creating most fuss is Aqua who are demanding payments asap despite being told an IVA is going through. What can they do in the meantime besides sending so many letters with 'payment demand' on them?

They can try to get a CCJ.

4) I am looking at my income rising from £12k p.a to £25k p.a when I finish University in three years. Will I have to pay the whole extra 1k per month into the I.VA?. My costs will only rise slightly for working fulltime.

Quite possibly, most of this would be absorbed by the IVA.

Thanks