I just want to point out that the scenario I raised is totally ficticious just wondered at the legalities of such an arrangement. Thankfully, I am not envisaging a family bereavement, and don't know of any impending inheritence. (Not lucky enough to have a long lost distant relative who is super duper rich).
This was the scenario I was mulling over KayKay - is it fraud? Maybe not if it was the deceased's wishes, can the receiving sibling be seen as holding it in trust? Interesting comments on here and enjoying everyone's input.
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by KAYKAY
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 really don't know the legal stance on this essexlady. It could be construed as fraud, as you are knowingly ochestrating to divert / delay payment of funds which should in effect be paid as a windfall into your IVA.
That's a good point KayKay. It was a hypothetical situation but did generate some interesting comments. Hopefully my mum will go on for many years - unlike an IVA!!
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by KAYKAY
I really don't know the legal stance on this essexlady. It could be construed as fraud, as you are knowingly ochestrating to divert / delay payment of funds which should in effect be paid as a windfall into your IVA.
It is hypothetical but I do wonder how anyone would manage to prove it if the money had been distributed to other beneficiaries and they then gave you the money.
Would bank accounts be checked?
Just to let you know that I am not condoning this at all - just wondering what would happen.
Hope your mum does go on for a long time!!!
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
I don't suppose it would be traceable, as the IP would have no access to the other beneficiaries finacial details, and as long as the IVA'er didn't ask Mr Redknapp to look after it, all would be hush hush.
There would have to be a strong element of trust involved though !
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Foggy
There would have to be a strong element of trust involved though !
Indeed as the other sibling inherited the money they could choose not to give you a penny and keep the lot. But I'd rather that than lose my folks hard earned money to creditors.
They've worked hard all their life for what little they have, which is not alot, but sure they would not want it to be used in this way.
Thankfully, I do not have to worry about this now and I still have both parents, but these thoughts do enter your head whilst going into a IVA, having lost 3 uncles in the 5 year term of my IVA brings this to home and what if it had been them. What would mom and dad have said had they been looking down on me having no idea of what mess I was in at the time.
We're willing to wipe the slate clean, give you a fresh start. All that we're asking in return is your cooperation.
I still have both of my parents thankfully, I'll get nothing when they die as they have nothing!!
I would use it to pay off debts though if there was an inheritance.
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
I completely agree with Matrix. If I were subject to an IVA I would rather any share of an inheritance went to the the other beneficiaries rather than my creditors. It was never my money in the first place unlike a lottery win or a bonus but is someone else's hard earned cash.
If the other beneficiaries wanted to give me my share after my insolvency that would be up to them. They certainly would not be legally obliged to do so and if they wanted to keep the lot then that is their perogative.
I agee Michael. When I was struggling in my IVA my Mum offered to release the equity from her house so I could do a full and final. As much as I appreciated the offer I said no as it was my mess and I didn't want her to lose what her and my Dad worked for.
