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What happens now I about to receive a windfall ?
Posted: Fri Feb 03, 2017 7:02 pm
by raegan
I entered into.an iva in 2011 interlocking with my now ex husband. we are in our final yr. Due to end in Oct ( we had equity in house) and I am about to received a windfall. What happens now?
Re: What happens now I about to receive a windfall ?
Posted: Fri Feb 03, 2017 7:06 pm
by kallis3
Hi,
Depending on how much the windfall is then it may all have to go across to the IVA. If it will pay off your total debts then anything surplus will be given to you.
Re: What happens now I about to receive a windfall ?
Posted: Fri Feb 03, 2017 8:06 pm
by Foggy
Most windfall clauses are drafted so that, if the windfall is less than £500, you keep it. If it is more than £500 it will all be paid into the IVA.
Re: What happens now I about to receive a windfall ?
Posted: Mon Feb 06, 2017 9:46 am
by Lisa Thomas
On assumption windfall is left before you get your CC all of this will have to be paid into your IVA unless and until all the debts, interest and costs have been paid in full. You could ask that statutory interest be waived if this will result in some surplus to come back to you.
Re: What happens now I about to receive a windfall ?
Posted: Tue Feb 07, 2017 10:52 am
by Debt_guru
Hi,
Most of the time this happens you have pay it into the IVA however i suggest you speak to your IP as every IP is different and could tell you otherwise.
Re: What happens now I about to receive a windfall ?
Posted: Tue Feb 07, 2017 11:12 am
by Lisa Thomas
It doesn't matter who the IP is, it matters on the terms and conditions of the IVA.
Re: What happens now I about to receive a windfall ?
Posted: Tue Feb 07, 2017 11:20 am
by Foggy
Lisa Thomas wrote:It doesn't matter who the IP is, it matters on the terms and conditions of the IVA.
To a degree .... there is still a large slice of discretion, as well as interpretation, involved and some IP's are more creditor-centric than others.