Money from windfall

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planningforthefuture

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Post by planningforthefuture » Wed Aug 25, 2010 8:48 pm
Hi we are in the process of arranging an IVa and have just been notified that some shares we were paying into are about to mature. I can claim my money out of these shares however, not sure of the amount we will get back. Do we have to make this payable to the creditors or are we able to keep a percentage of it.
 
 

kallis3

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Post by kallis3 » Wed Aug 25, 2010 8:59 pm
Hi, and welcome to the forum.

I think that you will need to pay across any money from these shares to your IVA, but it is something to speak to your IP about.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
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planningforthefuture

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Post by planningforthefuture » Wed Aug 25, 2010 9:15 pm
we have spoke to a few IVA companies and a number stated that they would split the money and allow some of it to be used in the IVA and some that could be kept by us. Still not sure
 
 

Adam Davies

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Post by Adam Davies » Wed Aug 25, 2010 9:22 pm
Hi
I would say that it will be classed as an asset and would have to be introduced into any IVA
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Andam Davies
 
 

size5

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Post by size5 » Wed Aug 25, 2010 11:24 pm
Absolutely.

Seems to be an asset to me. Had you not have been arranging an IVA then assumedly you would have used the money to pay down debt, so there is no difference in reality.

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