Windfall and settling the IVA

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Rozerlo

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Post by Rozerlo » Thu Sep 10, 2020 9:31 pm
Hi,

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!

luluj

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Post by luluj » Fri Sep 11, 2020 3:49 am
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
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kallis3

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Post by kallis3 » Fri Sep 11, 2020 6:59 am
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.
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