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Posted: Thu May 08, 2008 9:14 pm
by christine.g
does overtime work affect IVAs
does recieving an inheritance affect IVAs
Posted: Thu May 08, 2008 9:25 pm
by MelanieGiles
Hi christine and welcome to the forum
In an IVA you will be required to pay over 50% of any overtime (after a first 10% allowance) to your creditors.
If you receive an inheritance this will also have to be handed over to your creditors, to the extent of the level of your outstanding liabilities including interest together with the costs to date of the volutnary arrangement.
Posted: Thu May 08, 2008 9:36 pm
by michael.t47
what if the inheritance is my wifes who will not be in the iva?
Posted: Thu May 08, 2008 9:37 pm
by MelanieGiles
The it is not yours so the windfall provision is not relevant - although she could gift you some of the money to make a full and final offer of settlement to your creditors!
Posted: Thu May 08, 2008 9:40 pm
by michael.t47
we waiting to sort her new job out before starting on iva journey, inheritance will not be substantial and we were planning on using to pay her balloon payment on her car next year
Posted: Thu May 08, 2008 9:48 pm
by MelanieGiles
That seems a sensible plan Michael!
Posted: Fri May 09, 2008 10:19 pm
by michael.t47
tina will be hearing from us again soon, my wife has several interviews and we are hopeful. reducing outgoings as i type an my wife has 2 months left, but i think we will get there soon