my son is thinking of paying off my remaining agreed iva debt, once this has been paid and accepted will I have to pay anymore money to the IVA from that date onwards. If I was to receive a windfall ( inheritance, lottery win ,etc) after that date would I have to pay any of that to the IVA? or will my case be closed and I could then use that money as I wish.
If it's accepted you will make no more payments but any windfalls etc will have to be paid across until you get your completion letter as you will still be bound by the IVA.
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.
Bob Marley. http://kallis3.blogs.iva.co.uk
As Kallis says, until you are released from your IVA by the issue of a completion certificate, although you do not have to continue paying in the regular monthly payment, overtime or work related bonus payments, you would still be liable to pay over windfalls. The issue of the certificate can take anything from a few weeks after the final payment to 6 months.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
