if i came into money

[mark.c]

in an iva,if i came into money would i be able to pay it off or would i be expected to pay more or a penalty of some sort?

[aguise]

Hi you would be expected to pay all of the original debt all the Ip fees, maybe minus some if early on, and interest at around 8%.

Ang

Please visit my blog at http://aguise.blogs.iva.co.uk/

[aguise]

You are talking of a full and final offer John. If you come into a windfall which totals the original debt they would expect all of it.

Ang

Please visit my blog at http://aguise.blogs.iva.co.uk/

[Adam Davies]

Hi
If you "came" into money[inheritance]then this would be classed as a windfall and all of it[upto the original debt,IP fees and statutory interest] would have to be paid into the IVA.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[MelanieGiles]

This is actually dictated by the terms of your specific IVA proposal - so have a good look throught that document and the Chairman's Report to see what provisions there are in your particular case.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[iva experts]

Hi Mark,

I would check your terms and conditions because there should be a section relating to windfalls, which usually states that if you receive any windfalls throughout the IVA then 100% is expected to be paid in.

A windfall is money that you were not expecting to receive, for instance inheritance or the lottery.


Best Regards. IVA Experts

[adam090376]

Hi All
Just a quick question on this subject. I know it may vary from IVA to IVA but is their a minimum amount that that isn't classed as a windfall say below £500?
Not that I have any sort of windfall money but just in case I was lucky enough.
Adam

[Oliver]

This would be dependant on how the windfall was determined within the terms and conditions of your IVA agreement.

Remember that each IVA agreement, as its name suggests is individual so you will need to consult your Chairman's Report.

Best Regards
Oliver

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