in the event of a windfall

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jo.s

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Post by jo.s » Fri Apr 13, 2007 10:52 am
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iN THE EVENT OF A WINDFALL .IE INHE3RITANCE
IS IT THE TYPICAL CASE THAT 50% IS PAID INTO THE IVA ??
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Skippy

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Post by Skippy » Fri Apr 13, 2007 10:59 am
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Hi jo s and welcome to the forum. If you were in an IVA and received an inheritance or lottery win, you would have to pay it all into the IVA up to the total amount you owe. Some IVA's also have a modification allowing for 8% pa statutory interest. Any money left after this is yours to keep.

Onwards and upwards!!!

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

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Post by MelanieGiles » Fri Apr 13, 2007 12:48 pm
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Hi jo s

No - unless your proposal provides otherwise, and this is unlikely, all of the inheritance monies will be payable to the IVA. Check your own proposal documents for further clarification.

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
Regards, Melanie Giles, Insolvency Practitioner
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Oliver

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Post by Oliver » Fri Apr 13, 2007 1:37 pm
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The 50% figure is only usually applicable to bonus, commision and overtime. The reason for this is the creditors want to continue to provide those in an IVA with an incentive to continue to strive to do overtime, and achieve bonus and commsion payments.



Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp
Best Regards
Oliver
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