What happens if I come into money during an IVA?
Windfall Clause in IVA terms
We receive a lot of calls and emails from the public asking; "What happens if I come into money during IVA?".
If you come into money once you are in an IVA you should contact your IVA Insolvency practitioner as soon as possible with the information.
All recent properly drafted IVA proposals have clauses about windfalls. A windfall is sudden unexpected profit uncontrolled by the profiting party.
There will be a Windfall clause in the terms of the IVA, which states that any additional monies that you come into during the term of the IVA, such as inheritances and lottery wins etc are to be shared for the benefit of the creditors, thereby offering them a better dividend, and getting closer to the 100% that they are always entitled to receive back. If you fail to disclose such additional benefits, the IVA proposal could fail.
Please note that when the creditors vote on the IVA proposal, they are voting for at least a minimum amount of their money back over the 5 years, but, they retain the right to have 100% of the debt repaid should you come into money during an IVA.
Other important questions to consider are:-
- What happens if I miss an IVA payment?
- The bank has not transferred my IVA payment - what do I do?
- What happens if I do not inform my IVA supervisor that I can’t make the contribution?
- I'm struggling to make the monthly IVA payment what should I do?
- I've received a 'Notice of Breach' from my IVA supervisor - what does this mean?
- What happens if I've missed IVA payments or received a notice of breach and there is no solution?
- Is it possible to finish or settle my IVA early?
- How do I settle my IVA early?
- What is the process involved when offering an early IVA settlement?
- Why would I vary the terms of my IVA?
- What does the IVA variation process involve?
- What happens when the IVA variation process has been approved by creditors?
- What happens when the IVA variation process has been rejected by creditors?
- How does an IVA end?
- Will I receive any correspondence when my IVA has completed?
- If one of my debts has been excluded from the IVA, am I liable to pay the debt after the IVA has completed?
If you wish to discuss what happens if I come into money during an IVA and understand how it can help you please complete the following form or telephone freephone 0800 074 6918.
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IVA's
The IVA Guide
Money Advice Direct has put together an IVA Guide based on the enquiries and questions that we receive at our helpline offices.
In the guide we cover such subjects as IVA Approval, early settlment of your IVA, missed IVA payments, IVA failure, additional debt claims and much more.
[click here for IVA Guide]
What is an IVA?
The IVA is an extremely powerful tool enabling you to clear your debt and return to a clean financial bill of health. Visit Money Advice Direct's Guide to Individual Voluntary Arrangements (IVAs).
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