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Posted: Sun Nov 23, 2008 8:38 pm
by nancy.s
What happen if duing a IVA, I receive a windfal. Can i just pay off the IVA and thats it.
Posted: Sun Nov 23, 2008 8:41 pm
by Lisa2009
If you recieve a windfall, you will be required to pay it to your IP for the benefit of your creditors to the extent that your original FULL debts could be paid plus fees and possibly statuatory interest.
Posted: Sun Nov 23, 2008 8:43 pm
by pixie
Hi Nancy, welcome to the forum.
It would depend on the terms of your IVA, most have a clause saying you can keep the first £500 and the balance is paid into the IVA.
If this is enough to pay the full balance owed plus fees and possibly statutary interest the IVA would finish and the balance would be yours.