Inheritance - I am currently 6 months into my iva , I pay £249 each month , my debt at the start of the iva was £19857 and I think it worked out I would be paying back £14940,
To date I have paid 249 x 6 so £1494.
I have just been sent a 10k cheque from a family member I did not know , I have been left this money from a family members estate which I had no idea about .
I understand 100% of this has to be paid into the iva , that’s my part of the deal , i have a car balloon payment due next year which is 5k and have been refused by multiple company’s for re finance for this , so come next year I may not have a car to get to work ( I am a care worker so I need a car ) I have explained this to my iv practitioner and have asked if I can keep 5k to pay my car off , and give the remaining 5k to my creditors and then increase my monthly iva payments from £249 a month to £538 a month as I wouldn’t be paying the car finance , they have addressed this proposal to my creditors but have told me not to hold my breath .
Will this 10k even touch my debt ? Iv been told my iva won’t be any less than 5 years and my Monthly payments won’t decrease , so what will this 10k actually towards , will it write off any of the 12 creditors I had ? None of my debts were over 3k , .