It's none of her business but I can understand your dilemma about where you spent the money. If this amount cleared your IVA you would have your payments spare so therefore more disposable income.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Hi -So sorry to hear about your loss. Please try to park the windfall for the moment unless and until it is actually going to happen. At that stage you can then liaise with your IP. (On the assumption your husband is in an IVA) Depending on your figures you could try to offer some of the money as a F&F variation to creditors. Worst case scenario is I'm afraid it may all have to be paid into the IVA unless and until the total debt plus statutory interest plus costs are paid in full.
Your husband must inform his IP once he becomes aware of the windfall but at the moment he only thinks he is in the will. Would it be possible to raise the funds now for a full and final settlement before the will is published and you could then repay these funds if your husband does inherit? If he does not inherit he can use your current surplus to repay the debt or if you take a secured loan this would be capped at 50% of your IVA payment anyway.
I dont know Michael.
Its gonna be fairly complex. I think there will be 2 'estates' to deal with. The man lived in the house as agreed in the will of his late wife (it was her home before they married). But the agreement was that when he died the house went back to her surviving family (her 2 sons, but one of those RIP'd which is how my husband is now involved) It was never 'his' house.
The grandfather had a son with snother woman prior to starting this relationship so I would think he will be nok and be entitled to any individual finance etc that the grandfather had.
There isnt much grieving going on to be honest and we arent really involved in much at the moment. There needs to be a post mortum. We know we may need to hand it all over and continue but until a solicitor gets involved we just wont know. But thats not in our control to get started.
It does not sound that clear cut and no guarantee that your husband will get anything. I think trying a full and final might be worth a shot if you can source the funds as the inheritance [if any] can then be sorted down the line. Given the complications it could take some time for this to be resolved and you only have two years left to go. This could even delay the IVA closure so I would think getting out now is a good option.
Im confused. Wont the inheritance be claimed by the iva as its come to light during it? There probably isnt much as house is in a dreadful state. Im expecting it all to go to iva and still continue remaining term which is fine as thats what we signed up too. Not trying to hide money or keep it.
Hes prepared to tell his mum now as shes harping on about us buying the house and generally giving him earache about it so might be easier to come clean!!!
The windfall will go to the IVA if there is any. At this time you think that there may be something but have no guarantee. If you can raise a lump sum you could exclude any possible inheritance for the reasons you have already stated.
So my husband, his sister and their uncle who all part own this property now dont want to sell it due to sentimental reasons. Only my hubby knows about our iva so its not because of that.
They dont need to sell it but we wondered if a solicitor will make them sell it because of our iva?
They want to keep it as was the family home which the grandparents designed and built from scratch and the grandmas ashes are in the garden.
Can they be made to sell it?
I don't know as you can be made to sell it but I think they can ask for your share of the equity. If you don't you could fail your iva and creditors could make you bankrupt.
As you seem to have confirmation that hubby is to inherit, you need to speak to your IP.
Kallis, who was it that had an inheritance and cleared their iva? I'm sure it's in a blog. Maybe worth a read?
Its not been valued or gone via a solicitor or anything yet. How would we release our share of any equity??? no one will have that kind of money and he only holds a small share. If main owner now doesnt want to sell can he be made to sell because of our iva?? that seems extremely unfair on the other people involved. No point speaking to creditfix as yet as will only lead to confusion. Will wait until solicitors involved and we're more certain of outcone.
After reading your response again, I think youve misunderstood situation.
It isnt equity its a family home which will be left in a will but my husband is one of 3 people involved. The main beneficiary doesnt want to sell and shouldnt have to sell because of our iva.
I dont understand how we could be made bankrupt because of this that also seems very extreme and unfair.
We wish this wasnt happening but the guy who died didnt own the property. He only lived in it after his wife died many years ago and she left property to her sons on the agreement the man could live in it until he died.
One of her sons since died and thats how my husband and his sister now included.
I dont understand how the people who will own 75% of property and who intend to keep the family home should be made to sell it because of our iva. Surely there is no asset yet if it continues to be lived in or owned by the people who owned it while the guy lived there.
You really need some specialist advice about this - I also agree that they should not have to sell but, could they buy out your husbands interest?
Not sure how that works but it's worth exploring.
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
It is a thought provoking situation! I hope someone who has had a similar situation can help! I do wonder if a solicitor can inform co beneficiaries of your IVA or just the share needs to be bought out without revealing why? I don't see it's anyone's business I have told no one about my IVA and want to keep it that way! Maybe a deed of assignment like PPI? I do hope it's painless for you as having to stress about this is unfair on you
The others wont be able to buy his share. His sister is a single parent of 3 children and struggling to make ends meet herself. His uncle is single but lives very frugally and we highly doubt he would have that kind of money.
We think its worth getting a free consultation with a solicitor to talk it through independently.
