Hello. We have less that 2 years left in the IVA (10 months plus equity clause) If in the future we received some inheritance, say £50,000 can we use it to pay off our secured loan (last about another 7 years) or will we be made to to put it into the IVA as a full and final settlement? (obviously with some left over even after paying back 100%).
Obviously would prefer to be able to pay off the secured loan and see what is left for the IVA.
It goes to the iva first. Remember that you always owe your full amount of debt plus fees plus statutory interest if applicable. Any leftover would be yours to enjoy.
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
AS Paul says, the IVA will take it's share first --- up to whatever amount covers the original debt, plus fees and possible statutory interest ( less what has been paid over so far).
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
