What happen if duing a IVA, I receive a windfal.

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nancy.s

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Post by nancy.s » Sun Nov 23, 2008 8:38 pm
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What happen if duing a IVA, I receive a windfal. Can i just pay off the IVA and thats it.
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Lisa2009

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Post by Lisa2009 » Sun Nov 23, 2008 8:41 pm
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If you recieve a windfall, you will be required to pay it to your IP for the benefit of your creditors to the extent that your original FULL debts could be paid plus fees and possibly statuatory interest.
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pixie

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Post by pixie » Sun Nov 23, 2008 8:43 pm
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Hi Nancy, welcome to the forum.
It would depend on the terms of your IVA, most have a clause saying you can keep the first £500 and the balance is paid into the IVA.
If this is enough to pay the full balance owed plus fees and possibly statutary interest the IVA would finish and the balance would be yours.
Pixie
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IVA started may 07 ended dec 08
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