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?
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 http://foggy.blogs.iva.co.uk