Hi I am 31 months into a 5yr IVA my debts totalled 10,000 I pay £119 a month ,I am going to be receiving some inheritance money of around £7,000 can I offer a settlement figure or will the IVA claim the lot plus make me continue paying the monthly payment until the 5yrs r up
Hi. I am afraid the whole sum of £7k will be due to be paid into the IVA. As you suspect, you will also be expected to continue with regular payments until the agreed term is completed, or you hit full original debts, plus fees and statutory interest.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Unfortunately my £14,000 inheritance was taken in full by my IVA. I had to sign a legal form to confirm if I did or did not have an IVA/bankruptcy and the solicitor sent the money directly to my IVA company so I didn't even see the money
Have to agree with the others that your inheritance will be swallowed up and you will have to carry on paying.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
