Post IVA windfall

Hi Everyone,

My partner recently completed her IVA after borrowing some money from her parents to make a new offer to the creditors. This reduced offer was accepted by them and she has now received her completion certificate from her IP.

She has also recently inherited a share of a property from a deceased relative. She is now worried that the creditors will claim more from her once the property is sold.

Thus my question is:
Do the creditors have any legal right to claim some/all of the windfall despite the IVA being completed?

Thanks.

Comments

  • FoggyBrain_2
    FoggyBrain_2 Posts: 1,121 Forumite
    Did she know of the inheritance before the completion certificate was issued ? If not and the IVA was concluded in accordance with its terms, then, after the completion certificate is issued, as far as I am aware, that is the end of the matter.

    If, however, she was aware of the inheritance and signed a no windfall statement, it could be a different matter.

    That said, the creditors certainly won't be checking and the IP has decalred that he has no further involvement in the case, so I doubt he / she will be checking either.
  • Thanks for your reply

    The inheritance did come through before the certificate yes. However it was after the creditors accepted the new offer.

    But i guess that last part will not matter will it, as the IVA wasn't completed at that point.
  • FoggyBrain_2
    FoggyBrain_2 Posts: 1,121 Forumite
    This might be a question to put to an IP over on https://www.iva.co.uk It would be interesting to see what their take on it is. I am not sure whether the IP can back track once the certificate is issued.

    Technically the inheritance should have been declared at the time, as you so rightly say -- the certificate wasn't issued, therefore it should have been captured as a windfall.
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