My IVa has yet to be approved (creditors meeting 1st november[:(]) My father has recently died and I have been left 25% of the value of his home, not sold yet but will eventually realise approx 55k. If i put this aside will creditors or Ip know about it?
Hi Sturmanc and welcome to the Forum.
Sorry to hear about your father but you should urgently seek some advice about this inheritance. It should have been listed in the proposal if you knew before signing that you were to be a beneficiary. The money would go to creditors in an IVA and failure to disclose it would be a criminal offence.
Depending on the size of your debts it may be better to enter a DMP until you receive the bequest and you could then settle with creditors on an informal basis. In an IVA you would be obliged to pay the debts in full plus interest and the costs of the IP.
It may be prudent to at least have the meeting of creditors adjourned while you discuss and consider your options so I would not advise having your IVA approved on Monday.
i have contacted my IP, they are informing me that i should continue with my IVA scheduled to be approved on Monday, when the house is sold and money recieved they will then approach my creditors for a F&F settlement, they are saying that i will not have to pay the debts in full or with any further interest, is this the case?
I find this very hard to believe and ask for it in writing before you continue. Windfalls are payable in full and lead to the IVA being repaid plus interest at 8% per year plus the costs of your IVA. I see on another post that your debts are £42k so the whole of the inheitance would be required. IP fees tend to be 15% of realisations which would be added to your debt.
There are two threads going on this one - I've just replied on the other one.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
This sounds like your Firm are protecting their fees. Which is understandable given you've gone so far in the process, but a DMP may be a better option now. I'm sorry to hear about you father. Also think I posted on another thread of yours.
There are two threads going on this. I'm locking this one so we only have the one going
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
