Inheritance during 6th year of IVA

Get expert opinion. This is the place for new questions to be posted.
4 posts Page 1 of 1


Posts: 1
Joined: Mon Dec 10, 2018 1:28 pm

Post by Ancienthornet » Mon Dec 10, 2018 1:42 pm
I have an inheritance due after completion of probate. My Iva has completed the five years. I am currently half way through the extra 6th year as part of the agreement in the IVA was to apply for remortgage to attempt to release funds which unsurprisingly was rejected. So the agreement was to pay a further one year payments before IVA is then closed. What happens to the inheritance when/if it comes through in this extra year of my IVA?


User avatar
Forum Expert
Posts: 28706
Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom

Post by Foggy » Mon Dec 10, 2018 2:18 pm
It will, I am afraid, be payable to your creditors through your IP. Until such time as you have the completion certificate issued all terms and conditions apply. They will take a sum up to the amount of the full original debt, plus fees and possible statutory interest, less payments you have made to date. It is possible for you to petition your creditors for them to forgive the statutory interest element, or, indeed, that part might have already been excluded in your agreed terms.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014


User avatar
Forum Expert
Posts: 10476
Joined: Sun Dec 09, 2007 6:54 am
Location: United Kingdom

Post by luluj » Tue Dec 11, 2018 1:12 am
Agree with foggy. Have you informed your IP of the pending inheritance ? If not, you need to now, as part of your agreement will be to inform as soon as made aware ...
Sharing from experiences of dealing with debt

There is a solution for everyone .... Just need to stay positive !

Look at my blog "All I wanted was a baby"

Lisa Thomas

User avatar
Industry Expert
Posts: 7386
Joined: Wed Dec 03, 2014 10:26 am

Post by Lisa Thomas » Tue Dec 11, 2018 12:00 pm
Unfortunately you will have to pay the windfall into the IVA unless and until the total debts, costs and interest have been paid.

You might be able to ask creditors to waive their right to interest, assuming it was chargeable under your terms.
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: ... Z5k9ZcC2MA 01752 786800
4 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”