can any1 offer n opinion?

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Post by fivebyfive » Thu Aug 12, 2010 6:07 pm
Hi guys,

well my hubby is starting (hopefully) an IVA very soon, hes just today sent the proposal back for 43p in the £. firstly any experience as to if you think this is a good offer ?

secondly, im trying to think how to phrase this without sounding awful so im just gonna say it!

dh grandma is in a nursing home and we have been told today things are taking a turn for the worse. putting it bluntly, when she dies the house will be sold and then hubby will get his question is this,

say for example hes a few months into the iva and he stands to inherit £50k, for example. I hear ppl discussing full settlement and i wonder if the total outstanding debt pre iva was £43 k, but by doing the iva £26k will be repaid, if he got £50kwould he offer or have to pay the full £43k back or does he offer a settlement on the £26k?

i hope that made some sense !!

thanks in advance


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Post by luluj » Thu Aug 12, 2010 6:49 pm
I am in same position and have been told to day that in addition to the balance to pay back the 100% owed to creditors I will also need to pay back £20000 in statutory interest as I have a windfall coming to me via inheritance !

Sounds awful but if you have yet to enter into IVA and you know that is likely to happen is there anyway you can see things through without an IVA ?? That way your hubbies record won't be tarnished with the IVA stamp for six years ??
Last edited by luluj on Thu Aug 12, 2010 6:50 pm, edited 1 time in total.
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Post by Skippy » Thu Aug 12, 2010 6:58 pm
Hi and welcome to the forum. I'm sorry to hear about your husband's grandma.

An inheritance would be classed as a windfall in an IVA, meaning your husband would be liable for the full amount of his debt as well as IP fees and possibly statutory interest.

If the inheritance is inevitable it might be worth looking at a DMP as a temporary measure.


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Post by Shining » Thu Aug 12, 2010 10:09 pm
Hi there welcome to the forum and good advice above in respect of maybe looking at another debt solution. You can take advice from 2 or 3 companies to ensure you're on the correct solution. Try for a list of companies to get all important case specific impartial advice x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.


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Post by MelanieGiles » Thu Aug 12, 2010 10:16 pm
Isn't your husband happy to see his potential inheritance used to repay his debts? Surely this will put you in a better financial position overall, and the money you were earmarking to pay into the IVA could be put into savings instead.
Regards, Melanie Giles, Insolvency Practitioner

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Post by » Thu Aug 12, 2010 11:06 pm
Hi, Good advice above. I have a windfall coming and glad to pay off IVA. I would think that would be best for you, especially as you not in an IVA yet.
Good luck.

IVA started Sept 09. Glad to be on the way to being debt free
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