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Sjs.80
- Posts: 10
- Joined: Thu Jan 02, 2020 8:00 pm
Hi
I am 4 years into my IVA and a relative has recently passed away. I know I will receive an inheritance.
Can I offer a full and final once I know how much I will receive?
How does it work?
Note. I have 24 months of 820 a month payments left to make. (19680) for my IVA.
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Breezy
- Posts: 195
- Joined: Thu Jun 24, 2021 10:04 am
It is possible that your IP will allow a F&F from the inheritance funds. However, under the terms of your IVA the inheritance is payable into the IVA, in full, anyway, if over £500 (It falls under the windfall clause). This is in addition to your regular payments and does not usually affect the term of the agreement unless it covers the full original debt, possible statutory interest and fees.
I am not qualified to give advice and can only state my opinions, based on my IVA experiences.
