If your mother chooses to disinherit you of her own free will, then this would mean that in the event of an inheritance the whole of her estate would pass to your sister,
Sorry I feel I need to pass comment....... When we all enter into our IVA's we all agree to repaying our creditors the most we can in the term of our IVA. Our proposal documents and creditor reports clearly explain what we should do if we receive a windfall, bonus etc and an inheritance falls under the windfall clause.
It is difficult to see someone's well earnt money be handed straight over to creditors when they included you in their will to ensure you had something to remember them by.
However......if you had not entered into an IVA and received this money...surely common sense would have prevailed, and you would have paid off some/all of your debts before enjoying the rest of the inheritance in whichever way you decided.
To try and deceive your creditors, and clearly go against your IVA terms and conditions is, in my opinion, simply stupid.....and if found out,nwhich is very very likely, then you do deserve to have your IVA failed and possible bankruptcy made against you.
Sorry if my post is strong worded.....but having been in the position,and paid over my inheritance which allowed my IVA to conclude early....I can clearly see the benefits and am enjoying life again now..the main difference being I am doing it with my head held high and knowingly that my creditors have received the maximum return !
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
The IP firm appear to be hiding behind the Data Protection Act in their stance of not speaking to the third party. Whether that's right or wrong is up for debate, but as they have been informed anyway they will already know and have it on their radar.
Interesting point about an exclusion clause in a will to exclude anyone insolvent from inheriting later, it would make sense too but guess this is missed 9 times out of 10 with your DIY wills where the individual concerned is unaware of such insolvency matters and really where a proper will writing solicitor would advise you anyway.
We're willing to wipe the slate clean, give you a fresh start. All that we're asking in return is your cooperation.
I take your point Luluj, but I don't see it as deception - it would be if I received an inheritance and didn't declare it. But if I can protect any of my mum's hard earned cash, I will take steps to do so. I'm quite willing to pay my creditors, with my money, but not with anyone else's.
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by luluj
Sorry I feel I need to pass comment....... When we all enter into our IVA's we all agree to repaying our creditors the most we can in the term of our IVA. Our proposal documents and creditor reports clearly explain what we should do if we receive a windfall, bonus etc and an inheritance falls under the windfall clause.
It is difficult to see someone's well earnt money be handed straight over to creditors when they included you in their will to ensure you had something to remember them by.
However......if you had not entered into an IVA and received this money...surely common sense would have prevailed, and you would have paid off some/all of your debts before enjoying the rest of the inheritance in whichever way you decided.
To try and deceive your creditors, and clearly go against your IVA terms and conditions is, in my opinion, simply stupid.....and if found out,nwhich is very very likely, then you do deserve to have your IVA failed and possible bankruptcy made against you.
Sorry if my post is strong worded.....but having been in the position,and paid over my inheritance which allowed my IVA to conclude early....I can clearly see the benefits and am enjoying life again now..the main difference being I am doing it with my head held high and knowingly that my creditors have received the maximum return !
But then you wouldn't receive the money, it would go to the beneficiaries in the will?
I know that Liz has managed to clear her IVA and has a new home now all due to a family member leaving her money and I suppose it's all down to how you see the money owed to creditors. It's money we owe, money we spent and to me creditors have agreed to write off money, be it 2p in the £ or 80p in the £. Therefore in my view if I could pay it all back then I would be happy too. I was happy to spend it over the years.
This is one of those topics where there are many different opinions and one where we all have to agree to disagree.
At the end of the day I'd rather my loved ones be here and spending all the money rather than die and leave me dithering as to whether to go on a cruise or clear the IVA.
Your moms hard earned cash is her own essexlady, and as such she could leave it to whoever she likes in her will. Michaels People's post is excellent and something I would never have thought of on my own.
We're willing to wipe the slate clean, give you a fresh start. All that we're asking in return is your cooperation.
I recently found out insolvents are excluded from wills in my family. However, they do benefit once the insolvency is over. I'm not sure how it works but my mum was talking about it to an aunt recently when my grandad got cancer and an uncle was on the verge of BR.
You also have the added problem, for those of us that can't/won't, that your relative will then find out what sort of carp you have made of your life.
I know, because he told me, my dad has enough squirelled away to pay off my relatively small balance, and would be happy to do so, but it aint gonna happen, i would never admit to him what i have done.
Last edited by olympic_torch on Sat Feb 18, 2012 10:48 am, edited 1 time in total.
Aucto Splendore Resurgo.
IVA accepted May 2007.
Extended by 12 months in lieu of equity March 2012.
F+F offer accepted May 2012.
C of C received August 2012.
IVA dropped off credit file 24th May 2013.
Same here OT - my parents would kill me if they knew.
I won't have the problem of accepting/refusing money though as they have none!!
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Dad would probably be fine, its me thats got the problem.
He hasnt got a bankers bonus, just enough to "bury him plus a bit" as he says.
Whatever it is will be split between me and my sister anyway, so, if the worst happens in the next 14 months c'est la vie.
Aucto Splendore Resurgo.
IVA accepted May 2007.
Extended by 12 months in lieu of equity March 2012.
F+F offer accepted May 2012.
C of C received August 2012.
IVA dropped off credit file 24th May 2013.
I have to disagree Lulu - I don't see a problem with someone changing their will so that their money isn't paid to creditors. It's actually something my Mum thought about when I was BR and I didn't have a problem with it. Anything she leaves will be what her and my Dad worked for so it's completely down to her what she does with it.
I'm in no way suggesting anyone should hide an inheritance, or force relatives to change their wills, but it's certainly not deception.
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Broke of London
I recently found out insolvents are excluded from wills in my family. However, they do benefit once the insolvency is over. I'm not sure how it works but my mum was talking about it to an aunt recently when my grandad got cancer and an uncle was on the verge of BR.
Didn't someone mention something about Trusts a while ago, for this situation ?
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
This is a really interesting topic. With the insolvency clause in the will and the share of a person in an IVA going to the other beneficiaries... I can still see loopholes eg.
Hyperthetical Senario ----- If someone knows they are dying has 2 beneficiaries (in this senario siblings) and changes there will to have the insolvency clause incorporated, ensuring that only one of the siblings receives the estate. Providing all the family know of the IVA, a personal verbal agreement between all three parties could be made ensuring that the receiving sibling gives over the other halfs share once the IVA is completed and certificate received.
This would not be morally right but would this be fraud?
I would say that if the person dies during the IVA and the funds are then put to one side by the others until the IVA is completed and then handed over that it could constitute hiding an asset and may well have some legal implications.
That's just my opiniom though and I may well be totally wrong. It might be treated as a gift.
I do stand to be corrected.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
What I would also add is that if there is nothing in writing anywhere - how would you prove that the money came from that?
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
