Iva early settlement

Matesy

Hi I think the last time I posted I got the information so I will start again . 

I am a beneficiary of a will .  I might inherit between 8,000 and 10k
i informed my advisor and they our going to try for early settlement .  

We our in our iva 52 months .  We would have 3020 left to pay .  

He is going to put an offer in as we desperately need our kitchen done as we had a leak and we have to appropriate photos etc as we could not afford to fix .  

Do u think the creditors would accept an offer. It would be fantastic if they did .  I know we have a windfall clause for the advisor they can still offer a deal .  I have asked him three times and he says this correct .  

Please help any advise would be grate ful 
I know their is the windfall clause but fingers crossed they would accept 
many thanks 

fatbelly

Your previous thread is here

https://forums.moneysavingexpert.com/discussion/6467288/iva-early-settle/p1

Matesy

I was only asking again as I had talked to my advisor 

Smiley21

It really depends how much the original debt is. Don't forget you still owe the full amount of the original debt not what's left on IVA. This is important when dealing with windfalls because if you have 3k in IVA payments left but your original debt is more than that and they know about inheritance then the creditors won't accept early settlement as they will be better off taking half you inheritance (windfall clause) and keeping the payments to get the 3k on top. It's profit and loss at end of the day and they will get the most they can. 
If your circumstances had changed for the worse, ie bills increased do an updated income and expenditure form to show this. This gives creditors the choice of reduce monthly payments to x or accept full and final of remainder of iva and this will have a higher liklihood of being accepted. 

Matesy

Thank u we are really in need of fixing our kitchen as we have leak and have pictures and all to prove our bathroom leaked so we have floors to replace and ceilings and have no money to do this would this count we have all the evidence