hi all - just a quick one - if you were to make a full and final settlement at any point during the IVA process (i.e at the beginning on in the middle of) and all was agreed and completed, what would happen if within the 5 year period that the IVA would have run you come into money (i.e. lottery win????, inheritance, gift) - would the creditors be entitled to claim their share - and if so, how would they know??? I understand that if you have any kind of windfall whilst in the IVA you would be liable to pay the creditors in full (if the windfall covered the full amount) but I just wondered what the circumstances would be if you had a windfall after making a full and final settlement. Thanks y'all....Fi xx[:)]
Still gathering info....but hope to be on the right path pronto!!
I'm pretty sure that once you have your certificate of completion, any money after that, be they windfalls or whatever, are yours to do as you will with. You have completed your IVA.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
As I understand it if you offered and had a full and final accepted you could keep the money you came into, although if you did win the lottery you could afford both, to keep and to pay.
And I'd be sending a begging email if you did win![:D][:D][:D]
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
[:D][:D][:D] ha ha Jan - the liklihood of me EVER winning the lottery is about as likely as pigs flying but if I won enough I'd be paying the IVA off for anyone who has been kind to me on this site (and your mortgage too Melanie - haha!!) - but I thought it would probably be the case that once settled its settled. I just wondered if there was some kind of clause whereby the creditors could still get their money if you were suddenly to have it during that 5 year period. Thanks as usual guys for the very swift response!! xxxxxxx[:)]
Still gathering info....but hope to be on the right path pronto!!
It will be quite safe - you have completed your IVA and it's done and dusted. The only thing that lingers is the entry on your credit
record.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
[:D][:D][:D][:D] - you'd deserve it hon just for your unfailing sense of humour and for getting me and Fergie through the creditor calls with the visions of green slimy bad breathed monsters!!!! [:D]
Still gathering info....but hope to be on the right path pronto!!
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Hi Fifi, I asked the same question of Melanie this week, as I am currently proposing a lump sum IVA. The answer is, once your lump sum as been accepted, the creditors have to lay claim to some of it, and then get paid off, but this process can take quite some time for them to submit their claim. Once the last one has been paid, you wil get your certificate and any windfalls after that are yours to keep, BUT if you get one whilst the creditors are still in the process of submitting their claim, even if they have accepted your F&F, you have to pay it over. Its only yours once its officially closed off and finished (although it will stay on your credit file for the full period). I think thats right, I'm sure someone will put me right if not. Hope that helps... [;)]
That's right Uptomyneck. Only once you have the completion certificate can you keep any windfalls.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Thanks Uptomyneck - nice to hear from you....I dont know why I ask really as the chances of any windfalls in the next 5 years are pretty unlikely but somebody was asking the question of me so I thought I would get it clarified. Actually if you can lay your hands on enough cash to get a F&F it would make a lot of sense from a windfall point of view because if we were to get any inheritance in the next 5 years we would doubt probably lose most of it to the creditors - which I know being good citizens we would want to see our full debt repaid - but the human being in me would love to settle the whole thing off and then be able to enjoy whatever may be sprung on us in years to come. Needless to say we have told all family members that noone is allowed to die over the next 5 years - [:D]. But anyway good luck with your F&F - hope it all goes to plan for you hon - we are still in the process trying to finalise a couple of things before Mel is happy to submit the final proposals so keep yer fingers crossed for us!! Fi xxxxx [^]
Still gathering info....but hope to be on the right path pronto!!
Yeah soz I haven't been posting on here much recently, just the odd one coz I've been busy with work and stuff. I am SO relieved to finally be at the proposal signing stage - I sent the cheque from my parents off today to Melanie so she can say its there waiting to be paid when the creditors meeting is held. I am waiting to find out when the meeting is. My mum put a note in with the cheque saying that they better hadnt get a postcard in a weeks time from the Bahamas!! Nice that they still have sense of humour about it all [:o)]Good luck with yours hun I know how you are feeling you tend to start to feel you will never get there - I know I did when my monthly proposal went belly up coz my girlfriend lost her job I felt like I was back to square one! I just hope its accepted I dont think I could handle it being rejected, I never was any good at handling rejection!!! [:I]
I haven't been on much lately either - just this last week been trying to play catch up and make a couple of posts but if you go away from here for a bit its so hard to see what the hecks been going on. Sorry to hear about your girlfriend's job - that must have been a nightmare for you both. What lovely parents you have for sorting the F&F - will you need to pay them back or is it seen as an early inheritance - god I really hope it all goes through for you. We are just awaiting approval on finance on a new truck for my husband to see him through the next 5 years. All the paperwork in with them and its with the underwriters so just awaiting approval which we should know about by tomorrow. Am hoping our credit rating has not been shot to bits by not making payments for the last couple of months - although I dont think anything has been reported to the credit ref agency yet so hopefully all will be okay. God its just one thing after another. Anyway if we can get that all sorted then we are full steam ahead for the proposals to be finalised and signed. Anyway lovely to hear from you - you give some wonderful advice and I really look forward to hearing some good news from you! Take care matey! Fi xx
Still gathering info....but hope to be on the right path pronto!!
