Posted: Sun Dec 12, 2010 6:01 pm
A question about inheritance: I'm just about 3 yrs into a 6 yr IVA. Original debt c £70k. I've paid £17k over 3 yrs, payments have gone up as I've had a good promotion, so on target to pay another £28000 over next 3 yrs. Total repaid therefore will be around £45k.
Sadly, my mum died recently, and whilst I don't yet know for sure, I should receive about £30k once all has been sorted.
I know the inheritance has to go into the IVA, and have come to terms with that. But does it just add to the sums I'm paying and therefore I'll pay off the entire £70k plus fees, and will have to keep paying for another 3 years as planned, or will they count it as my 3 years payments and allow me to finish early? Is there any compromise over this, ie they take the money, and I pay for say another 12 months or something?
I'm so upset over this, although I accept it has to go into my IVA, but to be left with nothing AND have to carry on with payments for another 3 yrs, is just unbearable at the moment.
Please can you give me some advice, so that I can prepare myself for what is likely to happen when the money comes through. Grateful for all advice on this one. I've not yet spoken to my IP as I don't actually know how much it will be, or when I'll get it.
Sadly, my mum died recently, and whilst I don't yet know for sure, I should receive about £30k once all has been sorted.
I know the inheritance has to go into the IVA, and have come to terms with that. But does it just add to the sums I'm paying and therefore I'll pay off the entire £70k plus fees, and will have to keep paying for another 3 years as planned, or will they count it as my 3 years payments and allow me to finish early? Is there any compromise over this, ie they take the money, and I pay for say another 12 months or something?
I'm so upset over this, although I accept it has to go into my IVA, but to be left with nothing AND have to carry on with payments for another 3 yrs, is just unbearable at the moment.
Please can you give me some advice, so that I can prepare myself for what is likely to happen when the money comes through. Grateful for all advice on this one. I've not yet spoken to my IP as I don't actually know how much it will be, or when I'll get it.