question category: IVA

if i come into money and want to pay iva do i still owe full amount or is half written off
Submitted on: 15th Nov 2009 by Non-Member | Total Answers: 1

if i win lottery do i still have to pay all my iva or half original debt ?
oh and i havny won so dont all come knockin !!

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Re: if i come into money and want to pay iva do i still owe ...

Technically, until the IVA is completed you still owe the original amounts. What would happen with a lottery win depends on the amounts involved really.

If you can pay off your debts at the original amount you'd be expected to do so. You'll benefit from frozen interest and reduced fees.

If there are other "windfalls" such as inheritances or insurance payouts which you know are likely during the IVA you need to get them dealt with in your proposal.

There are often options to offer full and final settlements depending on your circumstances. If you are in an IVA speak to your supervisor. If you are looking at IVAs or other debt plans click on my name and contact Debt Advice Foundation.

Submitted on: 17th Nov 2009 by Darren Member

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