We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Early completion of an IVA
Ashler
Posts: 3 Newbie
Hi All,
I am currently 18 months into an IVA and am about to receive an inheritance from the estate of my Grandfather, who passed away last July. The inheritance isn't large, and it only covers around 60% of the original debt that got me into the IVA in the first place, but a friend has suggested that I could offer a final settlement figure to my Supervisor for consideration by my creditors and they may agree to complete the IVA early.
Has anyone had any experience of doing this? Is it possible? I have toyed with the idea of just paying a percentage of the inheritance as would be required by the "windfall clause" in my IVA and continuing the IVA to completion, but the idea of a clean slate and a fresh start, even if I am starting with nothing again, is very tempting. The build up too and arrangement of this IVA, and living with it since, have marked the very worst years of my life, and I would love to put it behind me.
Anyone got any advise on this subject?
Thanks
I am currently 18 months into an IVA and am about to receive an inheritance from the estate of my Grandfather, who passed away last July. The inheritance isn't large, and it only covers around 60% of the original debt that got me into the IVA in the first place, but a friend has suggested that I could offer a final settlement figure to my Supervisor for consideration by my creditors and they may agree to complete the IVA early.
Has anyone had any experience of doing this? Is it possible? I have toyed with the idea of just paying a percentage of the inheritance as would be required by the "windfall clause" in my IVA and continuing the IVA to completion, but the idea of a clean slate and a fresh start, even if I am starting with nothing again, is very tempting. The build up too and arrangement of this IVA, and living with it since, have marked the very worst years of my life, and I would love to put it behind me.
Anyone got any advise on this subject?
Thanks
0
Comments
-
maybe best ask in the IVA section, the link is at the top of this page.0
-
Whoops. Really sorry. Can't believe I missed that. Thanks for the patience.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.4K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.3K Work, Benefits & Business
- 604K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards