HOW CAN YOU PAY OFF YOUR IVA EARLY IF YOU HAVE A WIND FALL OR LEFT MONEY IN A WILL? CAN YOU OFT FOR PAYING IT OFF OR GOING TO THE CREDITORS THEMSELVES AND ASKING FOR A SETTLEMENT FIGURE?(JUST DREAMING)!
Hi Sue and welcome to the forum. Any windfall received would need to be dealt with as per the terms of your IVA agreement and therefore should be discussed with your IP. It may be that it is enough to clear your debts and your IVA may conclude successfully.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Windfalls are due to creditors under the terms of the agreement so unlikely to be accepted as a full and final offer. If the amount is so big it pays off your debts in full plus the IP fees and possibly interest, then you will have completed early as there is no more to be paid. However, any monies you manage to save (from bonuses etc) or raise via a third party can be used.
The usual method is by using third party funds ( gifts / loans from relatives and friends ). These can be supplemented by anything you might have managed to save during the IVA ( unspent allowances, and 50% shares of overtime and bonuses )
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
As others have said....usually f&f offers are from third parties. Money from a will etc is normally seen as a windfall and all is due to be paid tithe creditors up to the full amount you owe, IP fees and possibly stat interest
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
