IVA and inheritance

whoops666

I have paid 31 months of my iva. i only have a 1/6 of the original debt to pay back now, not the agreed amount. I have inhereted some money which i was hoping to offer a full and final settlement but now i have heard i have to pay administration charges and interest. Does anyone have any idea how much this admin and interest would be. Worried sick this will take all my inheretence. Asked iva company but they said this would take weeks to work out. I can't wait that long.

Lioness_Twinkletoes

whoops666 wrote: »

I have paid 31 months of my iva. i only have a 1/6 of the original debt to pay back now, not the agreed amount. I have inhereted some money which i was hoping to offer a full and final settlement but now i have heard i have to pay administration charges and interest. Does anyone have any idea how much this admin and interest would be. Worried sick this will take all my inheretence. Asked iva company but they said this would take weeks to work out. I can't wait that long.

Why can't you wait that long? Even if it uses all your inheritance, surely you'll be pleased that you've met your obligations and paid your debts?

Johno100

Lioness_Twinkletoes wrote: »

Why can't you wait that long? Even if it uses all your inheritance, surely you'll be pleased that you've met your obligations and paid your debts?

Plus a full and final settlement is a variation to the terms of the IVA, in relation to which creditors will need to be consulted and a vote taken, it is likely to take anything up to 3 months.

longtermplanner

Your IP isn't being difficult, this will take a while to work through.

If you can post figs on what your original total debt was, what you are paying per month, how much you have already paid and what the inheritance is, we could say something more specific.

whoops666

Original debt was £32600 paid back £26500. With 29 months left. I have got so stressed about it that's why I mentioned I can't wait which is making me I'll. Yes I'm very pleased I will have paid all my debt off, that's why I chose iva. But I would have liked to give my children some of this as I said I would to my mother who the money is from.
Also if the !!!!!! was declined, what happens next.:(

whoops666

Original debt was £32600 now paid £26500 so £6500 to pay with 29 months to go. Inheretance is £39500. I say I can't wait as all the stress is making me Ill. I promised my mum who the inheretance was from I would give some to my children. I am pleased to be able to pay off all the debt but didn't realise about the domain charges or the interest.

whoops666

Paying £194.65 per month

ViolaLass

If your mother wanted the money to go to your kids, she should have left it to them, not you. Pay what you owe and start again!

dojoman

Try posting on the IVA forum, you should get more help.

http://forums.moneysavingexpert.com/forumdisplay.php?f=159

Johno100

whoops666 wrote: »

Original debt was £32600 paid back £26500. With 29 months left. I have got so stressed about it that's why I mentioned I can't wait which is making me I'll. Yes I'm very pleased I will have paid all my debt off, that's why I chose iva. But I would have liked to give my children some of this as I said I would to my mother who the money is from.
Also if the !!!!!! was declined, what happens next.

In the absence of a windfall clause, then your arrangement would continue on as before.

whoops666

violalass

There is no need to be so rude. i am happy to pay back what i know as you would see by the figures. it would just have been nice to know some figures early on. Also you don't know the circumstances. Also for the iva company to have explained clearly when i first contact them.:eek: