www.iva.co.uk

IP is stating that I should continue with IVA on Monday, advice from MP on here is suggesting that I delay and consider my options regards impending inheritance or face losing it plus interest and charges???has anyone else had s similar experience and what was the outcome, PLEAS HELP![V]

Have you signed up to the IVA yet?? Will the inheritance cover your debts(not necessarily in full as an offer could be put to creditors)?


Paul

The creditor meeting is not until Monday. Personally I would agree with Michael and hang fire. You may be able to offer a full and final otherwise you may find the whole lot swallowed by your IVA and you still having to make payments.

I have not yet signed up to an IVA, (meeting is scheduled for 1-00pm Monday) inheritance is tied up in a property which would have to be sold to be split 4 ways, the ammount I recieve is likely to be slightly more that the total I currently owe to creditors, but the sale could take?? who knows?
I am thinking of continuing with IVA, as predicting the sale of a house is impossible, creditors and Ip will only know the ammount if I tell them, right?

Both the IP and creditors can check the probate, and they probably will as they know it is coming. They can also check on how much a house has sold for.

Always best to be honest with your IP and creditors.

Perhaps you could consider a DMP at the same monthly amount as the proposed IVA with an understanding that the DMP will conclude with a settlement from the sale of your property.

I would think long and hard about what you are going to do. It may be too late now to stop the meeting. I imagine most of the votes are already in.

Although Michael's advice on tne forum is first class, he does not have detailed knowledge of your case to be able to advice in anything but very general terms. However, if there is a change that you may be able to realise your interest in this property in the medium term, it may well be better to enter into a holding DMP if the lump sum you anticipate will be sufficient to clear your debts in full - or make a substantial contribution.

Ask your IP to adjourn Monday's proceedings if you need more time - and are they aware of your potential windfall?