if i recieve a windfall

[julie.c]

if i recieve a windfall after i have started paying into iva and it is more than the original iva agreement do i lose the rest of the money

[MelanieGiles]

Hi julie

Not at all. You will of course need to pay all of the creditors in full, and the costs your IP has incurred to date. In some cases, you may also need to pay statutory interest which runs at 8% per annum - so if you are lucky enough for this to happen, do check the terms of your IVA agreement and seek the advice of your IP. The surplus money is yours to keep and enjoy!

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

[Adam Davies]

Hi
Just to add to Melanies post that you have to pay the full ORIGINAL debt to your creditors if a windfall covers it,not just the amount agreed in an IVA.
Regards


Andy Davie
IVA.co.uk Spokesperson and site manager
(aka Neverending)

Please check out my blog: http://andydavie.blogs.iva.co.uk

View my profile here:
http://www.iva.co.uk/andy_davie_profile.asp

[Oliver]

You will have to pay 100% of the original debt plus IP costs and potential Statutory interest.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
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