Lump sum to clear the IVA?

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lynne251
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by lynne251 » Thu Sep 06, 2018 8:57 pm
If I was to come into some money and want to pay my iva what would happen I have another year and a half left on my iva
FormerlyST1100
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by FormerlyST1100 » Fri Sep 07, 2018 6:53 am
If you were to come into money it would fall under the windfall clause and would have to be paid into your IVA.

If this then means you have paid your original debt amount plus fees and possibly statutary interest then you will get back whats left.

A lump sum can be offered to clear the IVA but it would have to be money from a thrd party source and not money that you would be getting anyway and would need to be around the amount you have left to pay into your IVA with the stipulation that it would only be paid to you (your IVA) if the F&F offer you make is accepted.
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Foggy
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by Foggy » Fri Sep 07, 2018 6:53 am
lynne251 wrote:
If I was to come into some money and want to pay my iva what would happen I have another year and a half left on my iva



If you "came into some money" the chances are that it will have to be paid into the IVA anyway and so will not be able to be used as a lump sum F&F offer.

If friends and family wanted to pay the F&F for you , you would base the amount on the remaining payments (including 12 months if you are a homeowner). But it has to be from a third party or monies not due to the IVA anyway.
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Lisa Thomas
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by Lisa Thomas » Fri Sep 07, 2018 8:22 am
how will you 'come into money'?

You can use third party funds to put forward a F&F offer but not your own funds. Any windfall will need to be paid over into the IVA.

Take a look at my videos here on the same:

Windfalls:
https://youtu.be/L8M98FI5OqQ

full and final offer:
https://youtu.be/h4dozq9aGak
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