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EMPLOYEE
I’m
unsure
I’m in an IVA and have received a letter from HMRC saying I am due to receive money from them. Will this have to go to my creditors?
I’m in an IVA and have received a letter from HMRC saying I am due to receive money from them. Will this have to go to my creditors?
Official
Response
-
If you receive a letter confirming that HMRC owe you money, you will need to let your Supervisor know as soon as possible.
This would be considered a windfall under the terms of your IVA and will need to be introduced into your arrangement for the benefit of your creditors.
As you are in an IVA, it is highly unlikely that HMRC would release the funds directly to you. In similar circumstances, HMRC normally contact your supervisory team and arrange for the money to be paid directly into your IVA estate.
Please note that should HMRC send the funds directly to you, it is practice that they also inform your Supervisor in writing that they have done so. It’s vital that you recognise the obligation to forward these funds on to your supervisor so they can be distributed to your creditors, as this is within your agreement and considered a “windfall”. Failure to inform your supervisor of direct receipt of such funds would be a possible breach of your arrangement and could therefore jeopardise the security of your IVA.
EMPLOYEE
-
If you receive a letter confirming that HMRC owe you money, you will need to let your Supervisor know as soon as possible.
This would be considered a windfall under the terms of your IVA and will need to be introduced into your arrangement for the benefit of your creditors.
As you are in an IVA, it is highly unlikely that HMRC would release the funds directly to you. In similar circumstances, HMRC normally contact your supervisory team and arrange for the money to be paid directly into your IVA estate.
Please note that should HMRC send the funds directly to you, it is practice that they also inform your Supervisor in writing that they have done so. It’s vital that you recognise the obligation to forward these funds on to your supervisor so they can be distributed to your creditors, as this is within your agreement and considered a “windfall”. Failure to inform your supervisor of direct receipt of such funds would be a possible breach of your arrangement and could therefore jeopardise the security of your IVA.Comment -
