www.iva.co.uk

If my iva was paid off early by a early settlement for 8 thousand but the complete amount that the iva was 41 thousand and I get inheritance before I get my completion certificate would they take 33 thousand off the inheritance or would it be more ??

Hi,

You will always owe the full amount of your debts until your completion letter is received so they could take that money off you, especially if it was known about during the IVA.

You will only ever pay your full, original debt plus statutory interestplus fees in an iva. If you may be due money, please speak to the ip. There are a ggrowing number of people who have not declared money on the insolvency website that are now subject to additional restrictions.

They are entitles to whatever amount takes you up to paying over the full original debt, plus fees and statutory interest. This would also apply if you become entitled to the inheritance before the completion certificate is issued but not paid to you until later.

Personally I feel that this obligation should end once you have made your last payment, not once the IP has got their act together and issued the certificate.

I agree Foggy.

To reply to relieved - the additional restrictions, as far as I am aware, only apply to the Bankruptcy petitions.

You could challenge any claim they make in a court of Law. If your settlement was specified as "Full and Final" and you were honestly unaware of the inheritance prior to the offer being made and accepted by your creditors. I feel however the only winner would be the lawyer you commission to fight your corner.

Unfortunately, Merlin, not many of what we call "full and finals" are worded as such. They are usually a moratorium on regular payments until the completion certificate is issued, leaving that same "window of opportunity" that the rest of us have to go through whilst waiting after our final payment.

There are many cases of people in ivas who didn't declare ppi, pensions, inheritance etc and I assume they're bankrupt as the ip went after the monies on behalf of creditors.

You would need to inform your IP of any inheritance, if your certificate is not issued when you become aware of this.

Personally, as with Foggy, I feel that last payment your IVA commitment is over and then I personally feel that completion certificates would be issued much sooner.