IF YOU COME INTO MONEY

[rachellxx39]

Just one question if we came into some money and we could pay our ivas early what amount would we need to pay ? Our original debts were £58000 and in our ivas we will be paying back £408 times 60 = £24480.

[MelanieGiles]

If you receive a substantial windfall, you would need to pay back the full amount of your debts, the full amount outstanding in costs and statutory interest at 8% per annum from the date your IVA was accepted. Obviously if the amount did not cover all of that, it would all need to be paid over.

[rachellxx39]

Thanks Melanie. Didnt quite know how it worked . So if you won say £35000 could you offer that and how would that work.

[MelanieGiles]

No - that would all have to be paid over as your IVA includes provisions for any unforseen monies and assets to be handed over on top of your ability to pay ongoing contributions. You cannot use something that you are bound to pay over anyway to make an offer of settlement with your creditors.