Depends on how much it is. Under £500 it is yours, anything over that it has to be paid across.
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
Sun Aug 18, 2019 2:36 pmkallis3 wrote:
Depends on how much it is. Under £500 it is yours, anything over that it has to be paid across.
Just to clarify: That does not mean that the first £500 is yours ... what it means is that if the windfall is under £500, you keep it all. If it is over £500 you pay it all into the IVA.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
You would be expected to pay it into your iva if the amount exceeds £500 .... it goes towards increasing the return to creditors, it does not "come off " what your iva was approved for, nor does it shorten the term.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
Depending on your terms, all windfalls over £500 will have to be paid into the IVA unless and until the total debts, costs and any applicable interest have been paid in full. Only then would you finish your |IVA early and receive any surplus back.
