IVA and inheritance

ANDREW_FRANCIS

Hi hope you can advise, i have 2 years left of an iva ( £62000) and paying £200 per month.
I have a immenanet inheritance 2-3 months away and due to recieve £100K - will i have to pay £62000 back or is there a way this can be avoided- especaily as today i do not have that money- can I ask for an early settlement before i receive the inheritance

sourcrates

Well lucky you !!!

The unfortunate part is that your IP will probebley want the lot off you, as technically you will be able to repay your debts plus all your IP's fees.(see windfalls clause in your paperwork).

Your options are these, put yourself at your IP's mercy, see if they may allow you to keep any of it.

Or,

Default on your agreement, Allow the IVA to fail, settle for what you can with each creditor individually once your money comes through.
That way you might still have 50k left at the end of it.

fatbelly

who is your IP?

National_Debtline

Hi Andrew Francis,

sourcrates wrote: »

Well lucky you !!!

The unfortunate part is that your IP will probebley want the lot off you, as technically you will be able to repay your debts plus all your IP's fees.(see windfalls clause in your paperwork).

Your options are these, put yourself at your IP's mercy, see if they may allow you to keep any of it.

Or,

Default on your agreement, Allow the IVA to fail, settle for what you can with each creditor individually once your money comes through.
That way you might still have 50k left at the end of it.

Sourcrates was right in what he said in the first part of his post, that you do need to check the terms and conditions of what you signed, specifically the windfall section. Hopefully they won't be able to take more than the full amount, plus fees, but you must check the agreement.


However, I am afraid I have to disagree with the second half of the post. If your IVA fails there is a risk the creditors or your IP will declared you bankrupt. If that happens you would lose all of your inheritance (plus any other assets you may have). So you need to avoid this.


Tread carefully here, keep your IVA payments up to date for now and check the agreement. Consider some legal advice if you feel it is necessary.


Laura
@natdebtline

Jon_B_2

From a moral point of view (and I understand moralising on this forum is always controversial), those debts are still yours - so quite rightly they should be paid back now you have the means to.

Plus you'll still have £30k+ in the bank and be £200/month better off.

sourcrates

National_Debtline wrote: »

Hi Andrew Francis,





Sourcrates was right in what he said in the first part of his post, that you do need to check the terms and conditions of what you signed, specifically the windfall section. Hopefully they won't be able to take more than the full amount, plus fees, but you must check the agreement.


However, I am afraid I have to disagree with the second half of the post. If your IVA fails there is a risk the creditors or your IP will declared you bankrupt. If that happens you would lose all of your inheritance (plus any other assets you may have). So you need to avoid this.


Tread carefully here, keep your IVA payments up to date for now and check the agreement. Consider some legal advice if you feel it is necessary.


Laura
@natdebtline

Yes that's very true, Bankrupcy could result from this.

I wasn't advocating the OP should default on the IVA, simply that it may be a possible option, thats was all.

ANDREW_FRANCIS

Harrington Brooks

fatbelly

ANDREW_FRANCIS wrote: »

Harrington Brooks

You could ask them if they have a scheme like this

http://debtcamel.co.uk/perinta-loans-end-iva-early/

sourcrates

Another option is to offer a full and final settlement, of your IVA to your IP.

This is what I did.

They would have to put it before the creditors, but if accepted, you could still walk away with some of the money.

ANDREW_FRANCIS

Really dont see this ?( the link) as I will have the money why would I take out a loan - unless I missed something.

What none has answered is the part if I can offer to pay of the IVA payments before i get the inheritance ?. as this would only be about £4k or is this classed as a fraud as I know I am likelyto be able topay it all off?