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cg401
- Posts: 3
- Joined: Mon Nov 21, 2022 6:42 pm
Hi
I need some general advice please
I took an iva out nearly 4 years ago
My balance I was told in December was 6.3k
I am due to receive inheritance of 5k
I have an HP loan, will I be allowed to pay this off? It was agreed by the company
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Breezy
- Posts: 195
- Joined: Thu Jun 24, 2021 10:04 am
Mon Nov 21, 2022 7:22 pmcg401 wrote:
Hi
I need some general advice please
I took an iva out nearly 4 years ago
My balance I was told in December was 6.3k
I am due to receive inheritance of 5k
I have an HP loan, will I be allowed to pay this off? It was agreed by the company
What was agreed by which company ?
Normally an inheritance should be paid to the IVA to be shared between those creditors in the IVA, not paid to a secured lender.
I am not qualified to give advice and can only state my opinions, based on my IVA experiences.
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cg401
- Posts: 3
- Joined: Mon Nov 21, 2022 6:42 pm
The debt mgmt company agreed the HP during the IVA as I needed the car for work
2nd question , if I pay the 5k off, does this just reduce the amount that is written off hence me keep making contractual payments until the end of the term?
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Breezy
- Posts: 195
- Joined: Thu Jun 24, 2021 10:04 am
If you pay the £5k into the IVA it doesn't alter your payments, just adds to what the creditors get back, until the full original debt plus fees and possible statutory interest is paid back --- if that happens the IVA completes early.
I am not qualified to give advice and can only state my opinions, based on my IVA experiences.
