things have gone from bad to worse

[hoperadio]

Whilst in application for an iva i was made redundant.I recieved very little as a payoff.after going self employed things went from bad to worse and i have seperated reluctuntly with my wife.My income is very unsteady and i have been unemployed for a month.I am rely down and i just dont no what to to.i have debts of 24000 to 5 creditor.

Also could you advise what would happen if i recieved an inheritance during an iva?

[MelanieGiles]

Hi hoperadio and welcome to the forum

Are you already in an IVA, or did you withdraw your application when you heard about the redundancy?

If you receive an inheritance during an IVA, then this is very likely to be captured under "windfall" provisions, which mean that the money has to be handed over to the Supervisor of the arrangement for the benefit of your creditors. You will need to pay over sufficient to discharge all of your debts in full, the outstanding costs of the arrangement and perhaps statutory interest which is calculated at 8% per annum.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
View my IVA blog at: http://melaniegiles.blogs.iva.co.uk