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?
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.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
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.
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.
