Iva accepted

Bustrbroke02

Just found out at my creditors meeting on Friday that our IVA has been accepted, even though only 19p in the £ and N/Rock being the main creditor on a together mortgage. Only modifiaction is extension to 6 years, no requests to go interest only.

I have just today received a tax return from Inland Revenue, if I bank this in a savings accout will they ever know?

:T

FoggyBrain_2

First -- Congratulations on the acceptance. Good news all round.

As for the tax refund. How much is it for? I would imagine ( but not certain) that this would be classed as a windfall. If your IVA is protocol compliant then you are likely to be able to keep the first £500 of any windfall.

Whether your IP will find out is a "how long is a piece if string" type question!

Bustrbroke02

its £3200. I am not yet in receipt of written confirmation about the IVA, just a quick phone call at the creditors meeting, so I was thinking about trying to wing it.

Not sure when the IVA becomes legally active, as i say I have nothing in writing yet

MadameCholet

Please could you tell me who you have gone with to arrange the IVA? We are dealing with a company recommended by the CAB but when I told Northern Rock they said they would prefer us to use Payplan so not sure what to do now:(

Bustrbroke02

we used Debt Lifeboat, they have been no problem.

MadameCholet

Thanks for that....I was worried they would refuse our IVA on the grounds we weren't using their preferred company but I guess that's not the case.

FoggyBrain_2

Bust ... if the IVA was accepted at the creditors meeting you are bound by it already. The refund would form part of your pre-iva assets and, as such, would have been forfeited to the IVA pot. Legally it belongs to the creditors, but, to be honest I have no idea if your IP would get wind of it.

debtinfo

Lets hope the IP does get wind of it, it is things like this that spoils it for the rest of the honest people seeking debt relief