www.iva.co.uk

well were finally looking towards the end of our iva- 12 payments left- this time next year we'll be done!!

unfortunaly both my husband and myself have grandparents who are becoming older and less well.

could someone please clarify what would happen in the following circumstances-the iva is in my husbands name

if my grandparents died before the iva payments finished- would i have to hand over the windfall ( despite the ive being in my husbands name)and in the case of after the 5 yrs of payments had been made, but during the final year the iva stays on file- could the iva claim this or after the 5 yrs are all windfalls now ours?

and whilst im aware if my husband was left a windfall during the 5 yrs of payments then he would have to hand this over- but what about after he has paid the 5yrs payment, but whilst the iva is still on the record for the final year??

hope thats clear?! thanks [:)]

Hi ellis, well done on only having a year left - hope it feels good!

If the IVA is only in your husbands name then any windfall you receive is yours to keep regardless of when received.

If your husband receives a windfall after the completion certificate has been issued then it is his to keep. If he receives a windfall in the period between making the final payment and the certificate being issued to him then it would have to be declared and possibly paid into the IVA pot.

Hi,

If your husband receives an inheritance during the IVA then he will need to hand it over - it may well be that it will pay his debts off in full and anything left over will be his.

I think that if you receive anything then it is yours and won't be affected by the IVA.

Once the IVA is finished and your husband has that completion letter, any inheritance after that is his.

I would like to add .. the completion letter Kazza and Kallis refer to should be issued within 6 months of the final paymant, all being well. Soem firms get them out within weeks. The year following you refer to is the year following a 5 year IVA that the record stays on your credit file and is a seperate issue.

Why should this take six months? This is a ridiculous timescale - and given that the IP has to file an annual report within 2 months of each year end, I would be embarrassed if I were reporting that I could not close the case at that stage. There should be no excuse for not closing cases as promptly as possible when people have completed all of their payments.

As said elewhere, Mel, I fully agree. I just wish you could get other firms into line.