www.iva.co.uk

Hi everyone,I really need some advice as i have just been informed i am going to receive some inheritance money its not enough to pay off my iva Maybe half of it but without hesitation i have contacted my IP as i fully understand any windfall must be notified. I asked if there was any possibility that i could keep a proportion of the money to use against desperate home repairs that we just cannot afford to have done.I have been informed that the administrator could approach creditors to see if they would be willing to let us retain some of the funds but would involve a variation meeting which will incur additional charges. I just wondered if this option would be worth pursuing and who would be responsible for the charges? The truth is my house roof is badly leaking and has been since last june but my insurance company put it down to wear and tear. our loft beams have rotted and we need new underfelt and our chimney sealing amongst other things. we just havnt had the money and it worries me everytime it rains. I would only want what the work costs and i am more that happy for the inheritance money to be used to pay my debt as chances are, if i wasn't in an Iva id still be using it to pay my credit cards etc.
Many thanks in advance

It is definitely worth pursuing, and the charges ought to be met out of the inheritance monies themselves - these days costs for calling a variation meeting range from £300 to £500.

Personally, if I were acting for you, I would use my discretion to allow you the repair money - upon production of an independent report and quotations, but if your IP feels that they need to also get creditor approval, no-one is going to blame them for that.

Let us know how you get on in due course.

I would definitely seek there support in this. Your essential maintenance work needs to be done before winter sets in otherwise it will become more costly in the long run.

I don't know if this helps, but we were allowed a 2 month payment break to allow for our roof to be redone. I had to produce 3 quotations for the work and it had to be approved by my IP, but it was fine. we just made the missing 2 payments at the end so it ran for 62 months instead of 60.

Thankyou so much for the advice. I will let you know how we get on.

Fingers crossed