I am in the fist year of an IVA. My father died recently and I may come into some money. I believe I will hae to give the whole amount to the IP. There will not be enough to pay it off. Will this payment go towards the amount I have signed up to pay or will it be set against the amount to be 'written off' when the IVA ends?
It will be set off against the whole amount of your debts as you dont see any write off until the IVA concludes,until that point you still owe creditors the full amount.
Sorry for your loss.
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
IVA's are a fair deal between debtor and creditor, with safeguards built in for both. If, by a combination of unforeseen circumstances, the debt can be redeemed, in full plus statutory interest, within the 5 years then that is the way it is. At least you will have had full legal protection from interest and any further action from creditors in the meantime. If that means that the debt is repaid in full then that is surely what was intended when the debt was taken out in the first place.
Regards.
Cert DR
23+ years in debt advice
I do not post for anyone other than myself
Sorry to read about the loss of your Father Heather. Your question looksl ike it has been answered but I just wanted to send you my condolences. I hope you are doing ok.
Regards,
Regards, Tina Shortland, Debt Advisory Manager for Melanie Giles at Debt Advice TV.
If you’re looking for effective debt related information, articles and news, then go now to our on-line advice service at www.debtadvicetv.com
If you’re ready to ask us for specific advice or help, then get in touch at www.call-me.debtadvicetv.com so you can start to free yourself from the stress and anxiety of overwhelming debt.
