I might be getting a big windfall early next year, enough to settle my IVA (Which i've been in for almost 2 years at that point) and maybe more but I wondered what the value was that I settle? Is it the amount of payments I have agreed to pay every month X the amount of months left of the IVA or will it be the amount of the original debts I had before the IVA and be asked to pay them off?
Thanks for your help, hope my question isn't too stupid!
receiving a windfall whilst in your iva will require you to pay 100% of your original debt, plus IP fees and possibly statutory interest. Only when this is all paid would your iva come to an end.
If you know you are getting the windfall then you should inform your IP now
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
It will be the original debt plus fees and possible statutory interest. If you can hit that your IVA will be completed and any surplus returned to you.
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
