Inheritance during 6th year

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nicola336

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Post by nicola336 » Wed Jul 22, 2020 5:23 am
My husband and I are in our 6th year of iva as we had equity in our house my question is if we had an inheritance during the 6th year does it go towards the iva?

Foggy

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Post by Foggy » Wed Jul 22, 2020 8:06 am
It used to be the case that the 6th year was the same as those before it and windfalls, overtime etc. had to be dealt with under the agreed terms. But, of late, some IPs have started to treat it as 12 extra payments only and are ignoting overtime, at least. Whether this extends to inheritances ( which could be more substantial) I do not know. I am afraid it is a question you need to put to your own IP.
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IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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plasticdaft

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Post by plasticdaft » Wed Jul 22, 2020 12:29 pm
Is an inheritance a realistic possibility??
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luluj

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Post by luluj » Wed Jul 22, 2020 8:17 pm
If inheritance is only a possibility right now, personally I would wait before speaking to anyone... focus on the last few payments..you are so close now. Well done
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Foggy

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Post by Foggy » Thu Jul 23, 2020 9:44 am
If there is a realistic possibility of an inheritance during this final year ( and the key date is the date of passing, not the date the Will gets proven or the estate gets distributed --- which I think is wrong, but that is another story) is there any chance that you can get together a lump sum from friends and relatives, to pay off the last years payments in a full and final offer ?
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
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