Iva

Kittencatperson68

If i owe £6.000 left on my iva but I get inheritance of £20.000  does the iva take all my inheritance, I been told different things from people who don't know.

Also on my iva I have bills I've already settled as they hounded me for it first year so paid off lower ones..I'm currently finished my 3 year, two more to go

ManyWays

If i owe £6.000 left on my iva
Is 6k that the total of debts in your IVA, or is it the total of the remaining payments?
Because what matters is the total of debts, the remaining payments are not relevant.

Grumpelstiltskin

You do realize the IVA company will take their fees on top of what you owe, so it could be possible they take the lot.

Why on earth did you pay off debts included in the IVA? Didn't you tell them you were in an IVA so they were included?

sourcrates

You should never prioritise any debts included in an insolvency, you should simply have alerted them to the fact you were in an IVA, and directed them to your IP if they needed further clarification, this could potentially fail your arrangement.

At the point you receive your inheritance, you must inform your IP, as its classed as a windfall.

If there is sufficient money to repay the full balance of your debts, then that`s what will be taken, this will include the pre agreed fee`s to run your arrangement, so, for example, if you receive 20k, and your original debt was 15k, with 3k in fee`s, they would take 18k, and you would get back 2k.