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?
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.
23+ years in debt advice
I do not post for anyone other than myself