www.iva.co.uk

Hi I'm just about to enter into an IVA and have a question that may not be politically correct but if i received an inheritance during the IVA would this go to my creditors? Thanks

Hi matuk1969 im afraid so, i had to pay the money from my dads estate into my iva. After the funeral expenses the remainder was paid over.

Hi. As Pollyann says, the inheritance will be paid into your IVA up to the value of the original debt plus fees. It is covered by the windfall clause.

Thank you for your reply,,, my mum & dad would be devastated if that happened I am now not sure which way to go and wonder if bankruptcy might be a better option as that's only 12 months? I owe 50k after a nasty divorce and have no assets or savings but have an income of 45k

Thank you foggy I have 14 days to decide what to do ?

With no assets to protect and assuming BR wouldn't impact on your job -- it might well be worth considering. Have a chat with an insolvency firm to explore all options in detail.

I will phone them tomorrow and explore BR i think? Ta

You could have the will changed to protect the inheritance and any insolvency firm should discuss this with you. You can protect any inheritance.

Thank you Michael I will look into that