IVA and inheritance

Johno100

whoops666 wrote: »

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:

Do mean like in the draft proposal that you would have agreed and signed before it got voted on by your creditors? A read of your proposal now may well answer many of your questions re a full and final settlement, supervisors fees and interest.

ViolaLass

whoops666 wrote: »

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:

And none of it was explained to you in writing when you entered into the IVA?

I can only know about the circumstances you have told us about - saying I'm not allowed to comment because 'you know don't' isn't constructive either. If there's more we should know about in order to be able to comment, tell us.

whoops666

The information i was hoping for was how much do you think i would have to pay back?

Billie-S

I don't know how much your inheritance is 'whoops,' but surely if you only owe six grand, which is what I have summised from your postings, then I can't understand why you wouldn't want to just pay it off out of the inheritance anyway. Also, I can't see why the admin fees would be very high.

What's more, if you have done so well (and you have done well,) as to pay back £26K out of £32K, and stuck to the agreement well, then I don't see why you can't just carry on as you are. Why should they/would they take your inheritance from you?

Does it say in the terms of your agreement that if you suddenly come into some money, that you will have to pay the remainder of what you owe? If so, why would you not want to anyway, to get rid of the debt? If I came into money; paying off everything I owe would be the first thing that I would do. But as I said, surely you can go on paying monthly as agreed.

By the way, if my sums are correct; if you have been paying £194 a month, and you have paid off £26K, the that means you have being paying this IVA for twelve years! Is this correct?

I think you are just going to have to be patient, and wait to see what they say.

whoops666

This is not a case of not wanting to pay it back of course i will. I just wondered if anyone had any idea how much the admin charges and interest would be on top. The money i was paying back was reduced due to the amount of my monthly wage. So i have been paying it for 2 1/2 years.

cattie

ViolaLass wrote: »

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!

That is not a very nice comment, how do you know the circumstances of the OP's mother's death. She could have died suddenly without having made a will or had a chance to change her will to mention her grandchildren.

Sounds to me as if OP has been doing all they can to repay the debt & I think they need a pat on the back for that, not an uncalled for comment that helps nobody.

Billie-S

whoops666 wrote: »

This is not a case of not wanting to pay it back of course i will. I just wondered if anyone had any idea how much the admin charges and interest would be on top. The money i was paying back was reduced due to the amount of my monthly wage. So i have been paying it for 2 1/2 years.

Well I've certainly not said that and nor do I think that. I think it's good that you've been paying something back regularly.

You really will have to wait to see what the IVA manager says.

Nobody here knows enough about your case, to advise you further.

Bit confused about your sums: they don't add up. You say you have paid back £26,500, and you have been paying £194 a month, but you say in this post that you have been paying for 2 and a half years. 194 x 30 months, doesn't equal £26,500 - it's just under £6,000.

whoops666

I received some ppi which I paid straight into iva.

Billie-S

whoops666 wrote: »

I received some ppi which I paid straight into iva.

What, did you get £20,000 PPI? :eek: My God, that was some claim! And some backpay!

And if this is the case, why are you bothered about the inheritance going into the IVA?

So many things about what you're posting are confusing me.

whoops666

yes it was but if the gits had not overcharged me in the first place i wouldn't be in this position.