i have a iva for £48,000 this is for me and my wife lost my parents got an inheritance of £49,000 we are have paid 24 payments of 72 payments at £138 per month. can i make a offer of £45,000 as we need £3000 to clear our bills and invest in our bussiness.
Unfortunately the full inheritance will have to be paid over.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
Agree - you will always owe the full amount of your debts plus fees and possible statutory interest. You need to speak to your IP.
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
You should infirm your IP of your inheritance and if you have received the money you will need to agree with them the amount you are required to pay across.
You can ask them to seek approval from creditors to forgo the statutory interest element (we did in same position), leaving you with the outstanding original balance and IP fees.
You may save a little of IP fees for concluding early.
But ultimately you will pay across all the inheritance until such time as full original debt and fees have been paid.
Unlikely they will allow you to retain any for investment purposes.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
