IVA Help please

jadasdad

To cut a long story short I lost my wife in July and we were in an IVA.

I contacted them to find out what was owing and was told to make an offer of around £10k which I did. I also made clear the fact I was awaiting a pay out on our life insurance and as soon as payment was made they would get paid.

Fast forward to Monday and I contacted them after getting a letter, the £10k was paid and I was told that was the end of the matter.

Yesterday I received a very aggressive call from them saying they wanted all the proceeds from the Life assurance and that if it wasn't forthcoming they start bankrupt proceedings against me.

The fact is I've paid off some debts and they wanted to know where and who was paid so they could claim that money back as well!

I'm living on my own with a 6 year old adopted daughter and this is a bit of a hammer blow to be honest, any idea where I stand?

Charco_2

Do you have anything written down agreeing that that is the end of the matter?

Who is the company you are in the IVA with?

timberflake

Hmmm, technically I think the life insurance would be classed as windfall, so you would be obliged to give them all of it up to the amount owed to the IVA.

However, what you seem to be saying is that you made an offer to creditors of £10k, they called a creditors meeting and this offer was accepted?

Do you have confirmation in writing that creditors accepted the £10k in full and final settlement?

More importantly, have you received your certificate of completion?

Charco_2

***If you received a windfall, you would NOT be expected to pay in "UP TO THE AMOUNT OWED TO THE IVA"... you would have to pay it all in up to the value of your outstanding debts, plus 8% stautory interest, plus IP Fees (plus an exorbitant 25% if you happen to be unlucky enough to be in an IVA with Payplan)***

On the other hand, that does NOT prohibit you from coming to another arrangement as the Original Poster says he had done!

timberflake

Charco wrote: »

***If you received a windfall, you would NOT be expected to pay in "UP TO THE AMOUNT OWED TO THE IVA"... you would have to pay it all in up to the value of your outstanding debts, plus 8% stautory interest, plus IP Fees (plus an exorbitant 25% if you happen to be unlucky enough to be in an IVA with Payplan)***

On the other hand, that does NOT prohibit you from coming to another arrangement as the Original Poster says he had done!

I understand that, but if he doesn't have it in writing that the offer has been accepted in F&F and he doesn't have a cert of completion, there is no arrangement.