I have a friend who has 18 months left to run on an IVA, She is due to inherit some money from her father's estate. Whilst she fully intends to declare this, is there any room for negotiation with hery creditors or they take all of it ? She is a single parent and with the current economic climate is already finding life a stuggle.
It may be possible to offer creditors some or all of the inheritance as a full and final settlement if she is struggling and a single parent particularly if the dividend is enhanced. If she needs anything specific such as a computer for the children, new boiler, car repairs etc creditors may allow her to retain funds to do this. Her IP would have to call a variation meeting but creditors are normally sympathetic.
If her father left anything to the children this would not be covered by her IVA and she can put it away for their future?
I completely concur with Michael's comments, so long as the retention of monies could be fully justified. With a good argument put forward, most creditors will take a common sense and sympathetic approach.
