If I won the lottery

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Edwina.73

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Post by Edwina.73 » Fri Jul 20, 2012 9:17 pm
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If I won the lottery half way through an IVA would I still be expected to pay it all off?
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Heretoday

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Post by Heretoday » Fri Jul 20, 2012 9:23 pm
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Congratulations on your lottery win.
And yes is the answer together with interest and fees,
7 years after starting an IVA I finally received a completion certificate from ClearDebt
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Shining

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Post by Shining » Fri Jul 20, 2012 9:34 pm
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If you won a tenner I doubt they'd be interested, however the jackpot I'm sure you'd willingly pay the whole amount plus IP fees and any statutory interest due. I'd willingly pay it over and conclude the IVA early x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
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luluj

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Post by luluj » Fri Jul 20, 2012 9:35 pm
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You will always owe the full debt amount until the end of your IVA term and it may also include IP fees and statutory interest.
A lottery win would be a windfall and need to be paid to benefit the creditors.
Sharing from experiences of dealing with debt

There is a solution for everyone .... Just need to stay positive !

Look at my blog "All I wanted was a baby"
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Broke of London

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Post by Broke of London » Fri Jul 20, 2012 11:55 pm
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Hi Edwina - you old need to pay the indfall into the iva and clear as much of your debt as possible. Anything left after the debt, fees and poss statutory interest have been paid is yours to keep.

Congrats on the win x
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olympic_torch

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Post by olympic_torch » Sat Jul 21, 2012 12:34 am
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If my 6 numbers come up prior to receiving my completion certificate i will sit astride the recently unveiled life size statue of a Hereford bull in our city centre dressed only in a leopard skin thong, waving a stetson over my head, doing an impression of General Kong in Dr Strangelove as he fell out of the B52 with a nuclear weapon between his legs.

And you can take that to the bank.
Aucto Splendore Resurgo.
IVA accepted May 2007.
Extended by 12 months in lieu of equity March 2012.
F+F offer accepted May 2012.
C of C received August 2012.
IVA dropped off credit file 24th May 2013.
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orchid5

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Post by orchid5 » Sat Jul 21, 2012 7:28 am
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lol Olympic torch, that would definately be a talking point no doubt. If i won the lotto i would be hot footing it down to my IVA company and watching the faces of those that i would be paying off my IVA to and then dancing out of the office, however how long would it take for all the paperwork to come through? now that is a question! Can one of the experts give some insight to that one or has it never happened? xx
Om shanti, namesté, good luck to all who are embarking on the IVA journey, it isn't always an easy one but the outcome is the best.

IVA COMPLETED August 2012, received Completion certificate 18.4.13.
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GilliB

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Post by GilliB » Sat Jul 21, 2012 9:30 am
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Orchid5 I would do the same as you - pay every single penny back, then rest assured that nothing would come back to bite me on the proverbial!!
IVA journey started: 30th March 2009. Settled: 17th July 2012. Completion Certificate received: 13th March 2013. Breathe. x
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Heretoday

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Post by Heretoday » Sat Jul 21, 2012 11:28 am
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There is a 1 in 14 million chance of winning the jackpot on the lottery.
And there is more chance of me winning the lottery in the next month than getting a completion certificate from Cleardebt.
So chances of getting completion cert is > 1 in 14 million.

Personally I would pay all my debts and blow the rest taking my IP to court for undue stress caused by their greed and miss management.
7 years after starting an IVA I finally received a completion certificate from ClearDebt
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Broke of London

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Post by Broke of London » Sat Jul 21, 2012 2:52 pm
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LOL OT - could you give us advance warning if you win the lottery? I'd like to come and take photos!!!! x
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Pandy

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Post by Pandy » Sat Jul 21, 2012 3:39 pm
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Forget photos BOL I will be there videoing it to be posted on Youtube
If life is what you make it, I must have been in a strange mood when I made mine
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Foggy

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Post by Foggy » Sat Jul 21, 2012 4:21 pm
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Nah -- we'll be able to watch the arrest on the News at Ten !!
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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Gettingthere

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Post by Gettingthere » Sat Jul 21, 2012 8:53 pm
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Thanks for the giggle OT, much needed. TBH if my numbers came up on the lottery (never going to happen, but you have to dream) first thing I would do would be to get the IVA out of the way, then sell up and buy a house in New Zealand or Canada.
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Shining

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Post by Shining » Sat Jul 21, 2012 8:56 pm
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I'd be certainly moving house if I won, I'd help my good friends out too of course. x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
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Niobe

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Post by Niobe » Sat Jul 21, 2012 8:58 pm
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You and me both Lesley and I'd be helping my friends out as well.

We can but dream!!
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