My mother has just passed away.I'm in a iva which finishes in December. I am due some inheritance once the house is sold. solicitors think probably around a year to sort probate and sale of house etc out which would mean I would receive my inheritance after my iva is finished. Would they still be entitled to any
They are entitled to monies ftom an inheritance and it doesn't matter how long it takes. Talk to your IP but with 6 month completion times I think you will receive it snyway within the time frame.
IP is Insolvency Practitioner, the supervisor of your IVA.
The inheritance becomes due to the IVA estate when the Will is proven, fairly soon after the passing of the donor and will be payable whenever you get the monies, even after you have the completion certificate (though the IP might well hold on to that until the inheritance is settled. The solicitors should do an insolvency search on beneficiaries and deal with the trustee direct ( your IP ).
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I think that they will hold off completion until your inheritance is sorted. Your iva ends upon completion, not on your last payment. As such, I believe that this will be dealt with directly between solicitor and IP and that you may find that you are simply sent the balance from all monies owing.
Ok bummer lol
Am taking by you saying the will is proven this is when probate has been granted?
Solicitor says that takes about 3 months so that would mean I would have just 4 months iva left
Can anyone shed any light on how much they would want.
Total debt was around 17k
Paid 135 for first 3 years
160 for the 4th year
180 for the last year
You have paid 8940. During an IVA you always owe the original debt, plus fees and possible statutory interest at 8% simple on the reducing balance. Many IP's request this liability to interest to be removed ( it might already be excluded in your paperwork ). They will take whatever brings them to that figure less what has already been paid in.
VERY roughly you would be looking at a total owing of around £28k (with stat. interest), so you would lose around £19K of the inheritance. Losing the liability to statutory interest could cut around £4k off that.
Last edited by Foggy on Thu Apr 09, 2015 7:13 pm, edited 1 time in total.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
**** was my last hope.Unless anyone else has any ideas lol
I had the choice to go bankrupt or iva but choose iva as thought I have spent the money so more than willing to pay some back.
Just hope they pay the debt as the iva company have made enough out of me
Unlikely, but, if you are lucky, there might be an insolvency clause in the Will whereby the inheritance is held in trust until you are out of the IVA.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
