Yes but if a family member for whatever reasons frees up some money that would have previously only been given out as an inheritance upon death, in order to give out to members of the family including yourself then all you would need to say to the creditors is that we will only be given this money if it is offered up as F&F of our IVA - am I right? Otherwise there would be no point in us getting that money any earlier - it might as well stay where it is until we would naturally receive it upon that person's death (which hopefully would not be until after the IVA was completed). But otherwise any other sudden windfall like lottery win or unexpected inheritance would all just be offered into the IVA pot and no F&F would be be agreed. Have I got that right? So sorry to drag this thread out but since there is always a remote possibility for us that we could be given some money earlier than upon someone's death it is worth knowing the "rules" of F&F.....x
Still gathering info....but hope to be on the right path pronto!!
That is about the height of it, but I would not get too bogged down on this thought if I were you, unless you actually have the opportunity to pursue this now - in which case perhaps an IVA based on a full and final settlement from day one might be a more sensible solution.
Excuse my ignorance on this one, if you won the lottery and it was more than your original debt, is this all you would be expected to hand over, or would you have to give them everything? Just getting a few mixed messages on this.
Last edited by Beans on Toast on Thu Feb 05, 2009 12:09 pm, edited 1 time in total.
It seems to me that if you win the lottery a month before the IVA is up, you probably have to pay back (settle) the full amount still owed ie the original debt balance minus the amount paid into the IVA so far.
A F&F doesn't seem to be possible.
If you win the lottery a month after the IVA is formally completed, you have paid the IVA enabled reduced amount as agreed, and you keep 100% of the windfall.
I guess the vast majority of F&Fs (and I wonder if there are many) are all the conditional type from friends/family.
I think you will find (and I am sure Melanie has posted on this), that until you get your completion certificate from the IP, you can still be asked to pay any windfall across to the IVA, even if you have made your final payment.
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
I know its all very hypothetical but if by some remote chance you did win the lottery and were able to pay off your complete debt would you then still have the IVA on your credit score for the full 6 years or would that be cleared?[:I]
Still gathering info....but hope to be on the right path pronto!!
I think it would still be on your record for six years, but I could be wrong.
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
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
