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Post by spire20 » Thu Apr 02, 2020 7:37 pm
Hi everyone. I hope that this is the correct place to add this new post and thank you in advance to any advice that is given.

So my Husband is due to get some inheritance so our main aim is to finish our IVA and a DWP debt that could not be put onto the IVA as advised by our IP Apature.

so what is the best way to finish our IVA? Here is what we have paid and done so far as we have received a letter showing what we have paid to-date . I must add that we have been in arrears due to a period of unemployment which we will catch up with as well. Apature advised us to do this.

So the letter states that we have received states:

Admitted debts by creditors total £22,364.00
PPI Dividend paid into IVA £5,028.48 (original PPI recovered £9,811.75)
Monthly payments since Jan 2016 £4,950
Arrears £2400 (Getting paid this week)

To end our IVA with inheritance what will we need to pay outside the above to end our IVA? Also what is the best way to do this? and im not sure if i only have to pay back a percentage of the original debt.


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Post by Foggy » Thu Apr 02, 2020 8:22 pm
If the recipient of the inheritance is in an IVA then all of the inheritance will be due to be paid to the IVA, up to the value of the balance of the full original debt, fees and possible statutory interest.

If your husband is the named beneficiary and it is only you in the IVA then the IVA has no call on the money and your husband could offer some for a full and final offer for you.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014


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Post by spire20 » Thu Apr 02, 2020 9:14 pm
Thanks Foggy so repay you the original £22k?


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Post by luluj » Fri Apr 03, 2020 2:28 am
Is your husband in the iva or just you ?

If just you then make an offer as close to the number of payments left plus any equity release you maybe expected to pay.

If iva in both names you will as foggy explains be expected to pay full original debt plus IP fees and possibly statutory interest.
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There is a solution for everyone .... Just need to stay positive !

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