I have an IVA. I am due to inherit an amount not much more than my debts

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Mai

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Post by Mai » Mon Apr 07, 2014 11:21 pm
I have an IVA. I am due to inherit 30,000. This is not much more than my debts. Will I get to keep the difference?
 
 

luluj

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Post by luluj » Tue Apr 08, 2014 2:30 am
Your inheritance will be captured under the windfall clause and you will be expected to pay 100% of your original debt plus IP fees and possibly statutory interest.
If after the above money is left this would be yours. Your iva will conclude once the above is paid however would remain on file for the full six years from the start date.
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Michael Peoples

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Post by Michael Peoples » Tue Apr 08, 2014 9:16 am
You need to inform your IP now that you are aware of the inheritance. They may propose a variation whereby statutory interest is frozen, some of the money is given to you for essential house repairs, replacement vehicle etc or creditors accept the money as full and final.

I hope you can get some benefit from the bequest as this was surely the intention of the person who passed away.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
 
 

MelanieGiles

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Post by MelanieGiles » Wed Apr 09, 2014 1:45 am
When you say that you are due to inherit, has the unfortunate event already occurred which gives rise to the inheritance, or are you just suspecting it might before the end of the IVA?
Regards, Melanie Giles, Insolvency Practitioner
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