If I have a windfall, do I have to give it to my creditors?

The short answer is yes. Most IVA agreements now come with a windfall clause which basically means that if you win the lottery, inherit money or receive a bonus from work then you’ll be expected to use this money to either pay off your debts in full or pay off part of them depending on the amount.

Your Licensed Insolvency Practitioner will also conduct a regular review of your finances and you’ll be expected to submit up to date pay slips periodically. If you do receive a wage rise above the rate of inflation then you’ll be asked to increase your monthly IVA repayment accordingly.

If you do come into money for any reason then it’s absolutely vital that you let your Insolvency Practitioner know immediately so they can make the necessary adjustments to your Individual Voluntary Arrangement.

Equally, this applies if you were to lose your job or fall ill for any length of time. You would not be expected to maintain the same level of monthly repayment if your income had been significantly reduced. Your IVA can be flexible to suit your circumstances but only at the discretion of your creditors and Insolvency Practitioner, it’s not something you can decide on for yourself.

Call now on 08000 43 43 47 to discover if an IVA could be the solution to your debt problems or complete our IVA Wizard and see if you qualify for an IVA