www.iva.co.uk

My dad has just died and I have been left some money - I don't how much. Will I have to pay off my IVA with it, can I keep any of it?

Hi and welcome

You will have to notify your IP and it is likely that you will have to pay this amount into your existing IVA, or part of it if there is enough to clear all original debts and any IP fees etc

Regards

So sorry to hear of your loss. Difficult times for you at present and I am sure your IP will offer you some advice on your specific case. It is likely your inheritance will need to be paid to creditors up to 100% of what you originally owed plus IP fees and possible Statutory interest.

Been in similar circumstance myself. Have you got a family member who can look after this money for you until after your iva has finished? Im sure your father wouldn't want his money to you being swallowed up by creditors?

Best bet is to get a family member to hold your money

Can't be done, Mitch. If the Will says it is to go to Andrew, then that is where the IP will expect it to go ( and then on to the IVA).

I think that if I got an inheritance and even if I wasn't in an IVA but in financial difficulty I would want to clear some (if not all of my debt) and have a fresh start. A new beginning. Why then would it matter if the inheritance went to creditors. I can understand the fact of it all going as I can imagine I'd want to buy something that I could keep to hold a memory but I'd definitely be willing for most of it to go whereas in an IVA I don't believe to retain a portion would be allowed.

hi andrew

very sorry to hear about your upsetting news.

Alas , im sure most IVA's are more or less the same and by this I mean i suspect most of your inheritence will need to be paid into your IVA.

You will need to check the woring of your IVA agreement or check with yoru IP, as you may be allowed to keep a small percentage. As upsetting as your current circumstances are , no matter where a windfall comes from , your creditors will be entitled to most of it im afraid.

Check with your IP when you know how much the windfall is.

hi andrew, sorry for your loss, i have just been through this and also had some money left from my dad, and yes after paying for the funeral and everything else the remainder had to be paid into my iva.