Inheritance during 6th year of IVA

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Ancienthornet
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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?
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Foggy
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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.
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luluj
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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 ...
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Lisa Thomas
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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.

https://www.youtube.com/watch?v=L8M98FI5OqQ
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