Windfalls and IVA's

nolongerinthered

This is more of a hypothetical question really, but one that i have often wondered about.

The terms of my IVA state that any windfall i recieve over £200 i have to declare which is fair enough. However, if for example you won the lottery and say won £100,000 how would the supervisor deal with the windfall vs the amount of your IVA?

For example, i have one year left of my IVA. Would they look at the £100k and say you would have to pay back the original total of your debt, or would they just make you pay off your remaining twelve months payments?

Obviously i havent won the lottery, but it something ive always been curious about and would be interested to know the answer!

debtinfo

Depending on how the agreement is worded but most of the time it would be the full amount of the debt plus statutory interest at 8% per year plus the IVA fees, less any money paid so far

so quite expensive

daisydiary

i am in the postion of only having 3 months left on my IVA but will inherit money before the end. ? what are my options can I give it away ? before it's in my bank account . will the probate/tax office inform my superivisers ??