www.iva.co.uk

If someone receoves a legacy do we pay off just what is left on our IVA. IT would seem rather unfair to hand it all over. AS it could be the foundation of a bebt free lofe

Hi
You will have to pay off the whole original debt with any inheritence/windfall plus IP fees and possibly statutory interest.
You could still view it as a foundation for a debt free life
Regards

Thanks but what i meant was we are struggling each month and having a extra thousnad in the bank would ensure we didnt go under. What happens if you get an intrim payment and know u may get alot more later

Hi
They must be declared to your IP who would then include it into your IVA.
Regards

If you have a windfall and inheritance clause in your IVA then really you should pay it into your IVA for the benefit of the creditors.

Not "should" but "must"!!!

would we wait til I get it all or just some. WE strugggle to get by every month so a little extra in her account would stop this

What is it you are actually talking about? Is this a legacy where you are expecting to receive staged payments?

You would be better paying it in as you get it to take away any temptation to spend it.
How come its such a struggle?
Have you spoken with your ip about your circumstances?

WEll by the end of the month we are so broke- have to borrow from my paremst so we dont go overdrawn. And would be nice not to haev that every month.
Th will thig is that solciotr states he wil make an interim payout of a msall amount and then when he has sroted everyone else out and the house is sold he can send the rest but no idea how much. My husband arranegd the IVA told me that until we could pay it al then thre wasnothing to do

So if I understand your post correctly you have inherited something in a will which is going through probate at present? If the solicitor makes and interim payment to you, you still need to hand it over to your Supervisor, but if there is a case to keep some of that money to meet essential expenditure you could always ask.

Yes that is how it is. It was just noce to think of haing money fpr dentist and replace brokn stuff. I will speak to supervisor of the feasibi,ity of keeping some