IVA and property inheritance

Len1986

Hoping someone can help? I am currently just over a year into my IVA with approx 10k left to pay. It is quite possible that I will be inheriting a property in the not too distant future. How will this work with the IVA? will I be able to take a small mortgage against the property to clear the IVA or not because of my credit rating even though it would be against a fixed asset?
Any advice would be much appreciated

foxy-stoat

If you are acquiring property while in the IVA then re-read the contract you signed as this may be defined as a windfall.

Len1986

Thank you...i did think that it would be considered a windfall but not sure what that would mean as the balance originally owed to my creditors actually wasn't a huge amount? Surely they couldn't just take the house? Thanks again

DannyPearce90

Delay this until your IVA has completed! if it goes through and you don't report it, you will have to use that money towards your creditors.

This could completely restructure your IVA payments.

Len1986

Ok thank you...i can delay it without any issue. I suppose I would just like to get the balance cleared and be free of it all, just wasn't sure if I would actually be able to take a small mortgage against the property with the detrimental credit rating etc. Thanks again

foxy-stoat

Len1986 wrote: »

Ok thank you...i can delay it without any issue. I suppose I would just like to get the balance cleared and be free of it all, just wasn't sure if I would actually be able to take a small mortgage against the property with the detrimental credit rating etc. Thanks again

To be honest, even if you could get a mortgage of £20K ( which would be the minimum ) I would do it, seeing as you have got a property for free.

Len1986

Yeah exactly...means I can clear the IVA and possibly have some left over for some home improvements. I'm going to enquire I think. Thank you