and they say there bill to date is £7200 that's almost half of what I've paid back, I have inheritance due, and they want all the money transferred,
but I'm worried that once they have my money, they will just say I owe them whatever, and I will have no choice, but to agree otherwise the will not release my money,
Everything was going fine until my mother died, now its a nightmare, they want all information, address of property, estate agents, Executor (my sister)
Written confirmation that my share will be paid into my voluntary arrangement without deduction,
also written confirmation from the Executor that my half will be paid into voluntary arrangement,
if they don't receive this, they will issue me with a notice of breach, which may result in the failure of my voluntary arrangement,
I don't no what to do, ive just about had enough, I'm afraid i will end up with nothing.
I'm afraid that you will always owe the full amount of your original debt plus fees and possible statutory interest so inheritance will need to be paid across and, if anything is left over it will come back to you.
You will have to comply with their wishes I'm afraid.
With a £51k debt you would need to pay back in about £73k to clear everything at year three. So they will take the inheritance up to that value ( less what you have already paid in ) and refund you anything left over. This will end the IVA early.
If they breach (fail) the IVA your creditors will be able to pursue you for the debts, which could include making you bankrupt, which would take the inheritance anyway.
All you can do is abide by the agreement you have already signed ( the terms of the IVA)
chrissy12345 wrote:Charging fees on inheritance is immorral and shouldn't be a windfall for the IP. I would challenge it all the way, in Court if necessary.
The fly in that ointment, of course, is that the terms have been agreed to by all parties, morally a debt is a debt and is still due to be repaid (even in unfortunate circumstances ) and the court fees would be crippling and impossible to raise.
None of us know if an inheritance is likely when we enter into an IVA.
Of course at that stage you knew nothing of the windfall and no doubt it would not have affected you but is only now affecting you as it seems that there might be sufficient funds from the inheritance to cover these costs and so they must be paid I'm afraid.
Surely I can get a final offer and then instruct my soliciter to transfer the funds, it says nothing in my contract about giving all these details can I not send an Email saying I will transfer all money owed when it arrives,
If I transfer all I know there is goin to b hidden fees that they will not mention until they have all money
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