If I was to suddenly inherit a property...

[sonyse2t5]

If I was to suddenly inherit a property during the 5 years of an IVA, assuming that the monthly payments are 50p to the pound to lenders,and goes smoothly - will lenders demand Equity from the property ontop of the 50p to the pound.

[MelanieGiles]

Hi sonyse and welcome to the forum

This will be treated as a windfall, so depending upon the terms of your own arrangement will either all be required or perhaps just 50%. Check the terms of your own particular documents to see what impact such an inheritance might have on your proposal.

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

[Skippy]

Hello Sonyse and welcome to the forum. I am assuming that your IVA contains the standard clause stating that all windfalls must be paid into your IVA? You would have to pay the full amount that you owe, and possibly statutory interest at 8% per and any money left over would be yours to keep.

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[sonyse2t5]

Thanks for the comment.

I have not gone throught with the iva yet,need to think, but will ask the IVA company for input also. I need to ponder if I should got for it now and hope my Dad lives till 100! My Mother went last year.

I am doing DMP repayments through CCS till I can really decide and to have the creditors calls stopped which they have...

Is it correct to say that, should I inherite within the time of the iva and my share of the inheritance is more than 50% of what is written off, then no debts will be written off at all through the iva??

[MelanieGiles]

I think you mean that if your inheritance money is sufficent to repay your debts in full, will there be no write off? If my assumption is correct then the answer is yes! If not, then please could you clarify your question further.

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