The windfall is an asset that is now payable into the IVA estate in full.
If this means that 100% of your debt, plus statutory interest, plus the costs are then paid off in full as a result then your IVA can come to an early end failing which you will continue paying in the normal way.
Depending on the figures you might want to ask creditors to waive their right to statutory interest.
If you purposely fail the IVA now you will be back to square one again with your creditors.
You cannot 'negotiate' with your IP - it's a decision for creditors to make, not the IP (although their support will be useful in encouraging creditors to accept any variation you might like to put forward).
I apologise as well and agree that a new discussion should be started if needs be.
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
I hope i don't have to receive inheritance in the near future but you never know what's going to happen.
This has got me thinking, the IP fees and payments are not insignificant. If you quit the IVA you no longer pay these fees your total outstanding settlement figure must be significantly reduced. Maybe failing an IVA and repaying creditor directly would be better for everyone (apart from the IP)?
WARNING, I am not suitably qualified or experienced in this, so please don't act on my comments, it just seems to make sense in terms of logic.
You have an obligation to inform your IP as soon as you become aware of any windfall. Failure to do so could lead to bankruptcy and even criminal proceedings.
The question about assets is actually quite a silly one as you have an inheritance of £30,000 which constitutes an asset by any definition. Hopefully the bequest is enough to clear your IVA and maybe have a bit left especially if your IP does not charge statutory interest but you must inform your IP.
I do agree that there are plenty of inappropriate IVAs but while creditors keep accepting them, IP firms will keep sending them out. There should be proper criteria for what constitutes an IVA as there used to be in the past.
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by andrewf
I hope i don't have to receive inheritance in the near future but you never know what's going to happen.
This has got me thinking, the IP fees and payments are not insignificant. If you quit the IVA you no longer pay these fees your total outstanding settlement figure must be significantly reduced. Maybe failing an IVA and repaying creditor directly would be better for everyone (apart from the IP)?
WARNING, I am not suitably qualified or experienced in this, so please don't act on my comments, it just seems to make sense in terms of logic.
Andrew -- fees and costs are as agreed by the creditors themselves -- in effect they pay them and it is their choice. If you quit the IVA to save 15% fees you will find that the 25% contractual interest as well as late payment charges and the like will more than offset any savings -- and YOU will be paying that.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
