Can IVA be amended within the first 12 months?

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scott.j

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Post by scott.j » Fri Jul 25, 2008 11:51 am
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Can the IVA Agreement be amended within the first 12 months, for instance if I get some inheritance to pay the balance off? Can I borrow during the IVA term?
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MelanieGiles

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Post by MelanieGiles » Fri Jul 25, 2008 11:53 am
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Hi scott and welcome to the forum

Your inheritance money will already be captured under the windfall clause of the IVA, so you will only be able to pay the IVA off if there is enough money to pay creditors and costs in full - including statutory interest.

You can borrow during the IVA term, but only for good reason and with your supervisor's permission.
Regards, Melanie Giles, Insolvency Practitioner
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