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pixiepet
Starting Member
United Kingdom
27 Posts |
 Posted - 18 August 2009 : 13:36:48
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Hi I was declared BR Jan 23rd and this site saved my sanity.
can i ask a question for my mother.
she is 2 years into an IVA she has been left some money £80,000 from a friend who has died, she is in rented accomodation but to secure a home for herself she is wanting to purchase a flat with the cash which will be the full £80,000.
will sshe be allowed to do this she owes £42,000 on iva or would the iva have to be paid first.
i hope this makes sense.
Many thanks
mandy |
Edited by - pixiepet on 18 August 2009 13:37:37 |
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Jane.l
Average Member
511 Posts |
Posted - 18 August 2009 : 13:50:15
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I hate to be the bearer of bad news, but if her IVA has a windfall clause, I think she would have to hand all this money over to the IVA company and continue her IVA payments
I may be wrong, but I am not sure of the case for a Full& Final, you may be better off posting this on the IVA site for an expert to look at
http://www.iva.co.uk/iva_hot_topics_all.asp |
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pixiepet
Starting Member
United Kingdom
27 Posts |
Posted - 18 August 2009 : 14:44:46
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thank you quote:
Originally posted by Jane.l
I hate to be the bearer of bad news, but if her IVA has a windfall clause, I think she would have to hand all this money over to the IVA company and continue her IVA payments
I may be wrong, but I am not sure of the case for a Full& Final, you may be better off posting this on the IVA site for an expert to look at
http://www.iva.co.uk/iva_hot_topics_all.asp
mandy |
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Daniel Griffiths
Junior Member
United Kingdom
268 Posts |
Posted - 18 August 2009 : 15:16:12
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| The chance that there will no winfall clause in your friends IVA will be about the same as Gordon Brown winning the next General Election, however this again gives much thought to IVA and bankruptcy had she gone the bankruptcy route she would have been discharged now and free to look for a flat, however she wanted to do her best and pay creditors as best she can, and now she has lost her most of her windfall which is her creditors right to seize. |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 18 August 2009 : 17:28:57
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Your mother needs to speak to her IP, as this money will almost certainly have to be paid across to the IVA.
Your debts are not written off until the IVA is completed, so your mother will be liable for the full debts, and if the money can pay off her debts in full, plus the fees, then that is what will most likely happen.
She could try and make a full and final offer with some of the money.
She is unlikely to be able to purchase her flat though.
The glimmer gets brighter all the time
Jan
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pixiepet
Starting Member
United Kingdom
27 Posts |
Posted - 19 August 2009 : 12:44:19
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thank you for your reply's good advice
mandy |
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iva
