What if u receive a windfall exceeding what u owe?

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mjaafar

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Post by mjaafar » Thu May 02, 2013 12:49 pm
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I'm just curious
How would it work if you suddenly receive a windfall that exceeds the amount of debt you own and are still in the middle of your IVA.

Would it clear the debt completely thereby allowing you to finish up the IVA early or do you still need to make make payments towards the IVA until the end of agreement.
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Michael Peoples

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Post by Michael Peoples » Thu May 02, 2013 1:09 pm
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You would just pay the creditors off in full plus the costs of the IVA. There may be statutory interest to pay in addition to the debt but tghe IVA would just finish.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
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LongWay

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Post by LongWay » Thu May 02, 2013 1:10 pm
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You would be expected to pay what you owe and it would complete your IVA and a completion certificate could then be issued

You would no longer have to make payments. However keep up the payments until the monies it sent across or this could cause problems.

Hope this helps.
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