In iva and due to receive inheritance problems.

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by Syreeta » Sat May 20, 2017 3:50 pm
Currently in iva. We had extension as not enough equity so iva be paid off in 18 months time started in Nov 2011. £30000 we had in total debt payments where originally £264 so payback total £19000. Me and husband earn more so it increased to £649 per month we have paid back £22000 so far. We are due inheritance of £14000. IP say we now have to pay interest if we paid iva they say it's £51000 in total I think it's wrong we were hoping £14000 inheritance would have completed it making it £36000 we have paid. Please advice.
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by Foggy » Sat May 20, 2017 3:53 pm
Hi. During an IVA you always owe the full original debt, plus fees and possible statutory interest. Check your proposal though -- as sometimes ( as it was in my case) statutory interest in excluded. Yoy could also ask your IP to ask the creditors if they would allow it to be excluded.
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by mickhaynes2 » Sat May 20, 2017 4:23 pm
Hi I just had the same, I owed £51,000, paying back £400 per month, 3 years gone received Inheritance,
ended up paying back £63,000 + the £15,400 I had already paid, tried to interest from HMRC quashed, no chance,
also £12,225 fees, so total paid back is about £78,500, ridiculous warning to others if in IVA, an due Inheritance get will changed,
was disappointed with amount I paid IP after 3 years I paid back just over £3000, would have been better of paying HMRC,
£500 per month direct, my inheritance has almost gone,
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by Michelled0422 » Sat May 20, 2017 6:20 pm
my solicitor sent my inheritance straight to my IP. I had to sign a form admitting if I was in an IVA or bankrupt.
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by kallis3 » Sat May 20, 2017 7:44 pm
I think all of us who have an inheritance have to agree to pay it across.
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Lisa Thomas
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by Lisa Thomas » Tue May 23, 2017 10:21 am
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