IVA Questions & Answers
Q : What happens if I come into money?
A :
If your financial position changes for good or bad it is important to keep your chosen Insolvency Practioner (IP) up-to-date. If he/she is made aware of your financial situation ahead of time he/she will be able to incorporate these figures into your arrangement.
If your financial position gets worse over time then the IP can deploy contingency procedures to offer as much help and assistance during the difficult period.
However should you default on your payments or not keep the IP informed of any changes to your financial position, you will face the threat of bankruptcy.
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