www.iva.co.uk

Our endowment matures in March 2015; however our IVA finishes in June 2015 , the IVA states this endowment is under "assets not specifically pledged" will this be classed as a windfall?

Not specifically pledged sounds a little wooly to me. It doesn't say excluded so I wouldn't be surprised if it went either way. Who are you with?

Sounds like Payplan wording.

Thanks relieved33 it's payplN

Sorry that should be payplan

if it says not encluded should mean that

Ah yes, linrog -- but it doesn't say not included -- it says not specifically pledged. This could mean that it is captured under another term or condition under the collective term "assets".

To be definitely excluded it must be specifically excluded.

Thanks Foggy & kind of,here's a question for you, what if my wife wasn't around anymore for her to sign the paperwork (it's in joint names),say she went to Swaziland or Timbuktu to visit a sick relative & there was no way of getting hold of her, could they make me still submit it?

I believe they would not proceed to closure status until issue was resolved. If money is due in to the iva then they would expect to receive it against the terms of your iva ..ours was 14 days from date of receipt.

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Johnd0259

Thanks Foggy & kind of,here's a question for you, what if my wife wasn't around anymore for her to sign the paperwork (it's in joint names),say she went to Swaziland or Timbuktu to visit a sick relative & there was no way of getting hold of her, could they make me still submit it?

If she is away permanently then there are legal solutions to transfer authority to you solely. Otherwise they will wait until she is available and collect then. The date of maturation is the key date here -- not the date she signs paperwork.

The endowment would have been addressed within the IVA and must have been excluded. The funds will likely be used to reduce the mortgage balance which will create equity. You could then be asked to remortgage or extend because of the equity unless your month 54 review is carried out in time. The endowment will not mature until after month 54 so you may be okay.

An asset 'not specifically pledged'means one that has no charge against it and could readily be converted into cash. Had the endowment been assigned to the mortgage company it would have been included under 'assets specifically pledged' which includes mortgaged properties and cars on HP.