Welcome to the forum.
Presuming you are already in an iva any inheritance that becomes due needs to be declared to your IP as soon as it has been confirmed.
You then are required to pay it over to your IP as it will act as a windfall and provide a higher return to your creditors.
Your monthly payments would continue.
You will only pay a maximim of your full original debt plus IP fees and statutory interest.
If the inheritance is sufficient to pay the full amount as mentioned then your IVA will end early.
It will however remain on your credit file for the full 6 years from its start date.
Hope this has helped.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
As said, the inheritance will not shorten the IVA, or reduce ongoing payments, unless the full debt, fees and possible statutory interest is met early. Some have asked the creditors to forgive the interest element, and have been successful and some arrangements are drafted to exclude the interest element, so worth checking.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
A solicitor dealt with my parents wills and asked me to sign a legal form confirming if I was bankrupt or in an IVA. As I admitted and signed the form admitting I was in an IVA the solicitor sent all my inheritance to my IVA company direct, I never saw the money. Unfortunately the money only added to a higher rate of return and did not reduce my IVA term
Michelled0422 - similar experience of solicitor dealing direct with IP once confirmed iva was in place.
I was fortunate however to still some inheritance after 100% paid back plus IP fees.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
