IVA + inheritance

formersillyperson

Hello,

I am 1 year into an IVA and have been left a 7 figure sum by a relative.  My question is, do I have to pay back the full amount I owe on the IVA in full or is there some way to get around this? 

If I pay back the creditors will my credit be repaired?  I likely won't need credit for anything that I can think of in future however I don't want this to have an impact on my immediate family as we have the same address.

Thanks

Momanns

So you've entered into agreement with your creditors to pay all or part of your debts but now want to avoid paying your creditors all or part of your debts?

formersillyperson

Of course I want to avoid paying them!

stu12345_2

a man and a canoe tried something similar 

fatbelly

That wasn't very helpful, was it?

Your agreement will say that you must make the whole windfall available so that your IP and the creditors can be paid in full.

One option is to comply. Another option is not to.

That puts the ball in their court. Now if they know why you have gone silent they could petition for your bankruptcy. It's rare but it does happen. Maybe 1 in 1000 cases. In around 50% of cases an IVA fails because payments stop


It's your life. It's up to you

sourcrates

Only one year in you won`t have reduced the debt at all, your payments to date will just about have covered the fee`s.

How much debt do you have?

Fatbelly lists your options, its pretty clear cut, comply or don`t comply, you could let the arrangement fail, then settle individually once the dust has settled, it depends, are you a homeowner?