Hi, we have just had an unexpected windfall (this kind of thing never happens to us) the amount will cover what I originally owed my creditors. What will happen now?? How much will I need to pay back? Are there any other charges that I need to be aware of? Thank you in advance for your help x
Congratulations. The windfall will go to your creditors and will cover your original debt before the iva ended plus IP fees and possible statutory interest.
Your IP should be notified immediately and discussions based on amount to close case.
Any left after the above will be yours to keep.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
Hi. If you do have the requirement to repay statutory interest in the event that you manage to cover 100% of the debt,not all do, many IP's have called variations in the recent past to have this obligation removed.
I have no idea why it was ever used as it, effectively, penalises those who manage to pay back more!
Worth checking out, as it might save you 8% in interest.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Thank you for this advice, I will chat with my IP in the morning and find out what we can do. We want to use what is left to pay off part of the secured loan as we are seriously in negative equity and desperatly need to move, I wonder if the creditors will see this and will drop the interest. Fingers crossed.. Thank you once again x
