What if I receive a windfall?

Get expert opinion. This is the place for new questions to be posted.
3 posts Page 1 of 1


User avatar
Posts: 50
Joined: Thu Apr 29, 2010 7:35 pm

Post by jayne.64 » Fri Sep 06, 2019 9:27 pm
i failed my iva 5 years then went bankrupt what would happen to a windfall if i received one


User avatar
Forum Expert
Posts: 75392
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom

Post by kallis3 » Fri Sep 06, 2019 9:58 pm
If you are no longer or bankrupt it should be use to use as you will.
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.


User avatar
Forum Expert
Posts: 30258
Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom

Post by Foggy » Sat Sep 07, 2019 7:58 am
I do not know the definitive answer. There has been talk, in the past, about whether failure of an IVA actually severs the trust created by the arrangement. I have an inkling that it might not unless specifically dealt with at the time.

I have read,again, in the past, that some firms do sever this trust, so there must, I assume, be some mechanism for it. One firm in particular uses R3 terms and conditions, which may well vary on this point to Protocol Terms.

Were I in this position I would argue that the subsequent bankruptcy subsumed any trust or claim created by the IVA .... but ..... it could have created it's own. However, assumptions again - I assume the BR ended successfully and would therefore assume that the trust, as in a successfukl IVA, only captured those matters that existed during the arrangement (as with PPI and the like) and that, as long as the windfall came into being after discharge, it is yours.

However, all this bluff and bluster are merely my barrack-room thoughts and I would suggest, if it might become an issue, a brief consultation with a solicitor versed in insolvency law.

Final thoughts ... if you did get a windfall .... who would know ? Tick the 'no publicity' box ( do they still have those ? ).
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
3 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”