I am 4 months into my IVA and am in a 5 year repayment plan but recently I have become aware that there are IVA's over less time, am I correct in this thinking and I wasn't told about this at the initial meeting. I am possibly coming into some money later this year which has the stipulations on to be spent on buying a house, however I am hoping to use it to pay off the keyworkers loan i recieved to buy my flat initially. Ultimately this will increase the amount of equity in the property, will my IP approve of this? I also then intend to remortgage my flat or hopefully sell it once the market - if ever picks up and then use some of the money to make a final settlement on the IVA. I know I have made the right decision in taking out this IVA but god it is frustrating not to be able to do anything exciting.
I couldn't see her being allowed to pay off the keyworkers loan, I am sure the other creditors would want that money paying into the IVA.
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
What are the actual conditions which say you have to use the money to pay for a house? Was this stipulated in someone's will specifically?
I am afraid that the money will be deemed as a windfall, regardless of whether you invest it in a property, and creditors are therefore entitled to recieve it in any case - however your IP may be prepared to put an offer of settlement forward for you just in case creditors are happy to release you from the IVA at an earlier stage.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
thought that would be the reply but i thought i would ask anyway. I only know about the possibility of this 'windfall' it is certainly not definate and i don't know how much. Thanks for your advice, lets hope the windfall is enough to get me out of this early.
