?inheritance

[recovering]

Absolutely, i suppose if it's a small amount you could add it on to the end? Horrid thought but better than a load of hassle and awkwardness?!

[abbiesmum2003]

Thats the problem recovering...we doubt it will be a small amount. Its a good sized house. No outstanding mortgage on it. In need of modernising. Could be ££££.

[recovering]

Almost worth hoping it's under £500 so it is not an issue!

[kallis3]

A solicitor will look into whether anyone has an IVA. I would certainly take some free advice.

[recovering]

Yes I realise they will look into it, it's more what they do when they find it! #128512;

[abbiesmum2003]

I too realise they will look in to it! Ive not tried to suggest we dont declare or try hiding it its just how we deal with it if the main owners dont want to sell and noone able to contribute significant funds to buy his share!

[relieved33]

I guess I am stating worse case. If I was a creditor and someone who owes me money has a 25% stake in a 'good sized house' and has '££££s' in it, I would think it only fair to get my share.

If there's money due to the iva from the inheritance then failing to pay that would, in my opinion, be a breach. Failing to remedy the breach, i.e. introduce funds, would result in it failing. Creditors could then petition for bankruptcy.

I am not sure what answer you want. If there's money (££££) to pay then I can only suggest contacting the likes of Shaun or Ryan to see if they could help introduce 3rd party money.

If I was in still in the iva and had a share of a property with my single parent mother of three who is struggling to make ends meet, I'd be certainly lookingto sell and be thanking my grandparents for the wonderful chance to start over.'

[kallis3]

It needs some professional advice.

[kallis3]

You could visit CAB or have a free consultation from a solicitor.

I certainly would not advise doing anything at the moment though until the will is read so you know what is happening.

[abbiesmum2003]

Thanks for your help!
Wasnt expecting anyone to say we'd be made bankrupt due to this! And if the family dont want to sell it and choose to live in it instead thats surely got to be respected.
I think we will try and see the solicitor ourselves and go from there.

[recovering]

You won't be made bankrupt because you aren't trying to hide it or not pay it over! I think you are like me and tend to worry constantly when you don't know what's going to happen so you can't plan how to deal with it! I would say a solicitor is the way forward I'm not sure where you are but didn't Lisa once post she knew of legal firms who specialise in Iva's?

[relieved33]

I was simply saying that you will need to pay what falls due under the terms of your own iva.

This could be done through introduction of monies from a relation, friend or a third party e.g. someone Ryan or Shaun could introduce you to.

Harsh as it is, your share is really your creditors share up to the amount you owe and they will not have the same sentiments and attachments you and your family do.

I am unsure what advice a solicitor could give that isn't simply pay what's due and that figure you need from your IP but I have no legal training to base that on, just my own sense.



.

[abbiesmum2003]

We understand that our share would be handed over and if youve read the thread youd see weve not tried to avoid that however until there is a sale there isnt a share for them to have.
Noone is made of money to offer it else we would have used it sooner and if the main share holder doesnt want to sell I think thats pretty unfair on him if that is whats going to be expected. We would rather consult a solicitor than an IP who may not be fair especially since we wont be able to actually speak to an ip and im not trusting the word of a call handler.
You are making out we are trying to avoid paying up or hiding an asset which is not true but until we know where we stand within laws of inheriting property etc we cant release any funds. We cant override the main shareholder by selling his house. We are not trying to not pay whats due under the terms but its not as simple as you seem to think it is.

[relieved33]

At no point have I said or intimated that you are trying to avoid paying or hiding an asset.

My understanding from reading previous posts on here is that there is a share for them to have from the time you know about the asset, i.e. now, and not from the time of sale. Whether it's fair on your relatives to have to raise funds to buy you out or sell or whatever is irrelevant to your creditors.

I certainly do not think that it is simple and I would have hated to be in that situation during our iva. We told nobody and the thought of having to tell siblings and extended family would gave filled me with dread.

I fully understand you not wanting to talk to a call centre case worker and I have not said not to go to a solicitor, I just don't see what they can do if you have nobody to introduce funds on your behalf (as I wouldn't have had ) other than suggest third party funding which is why I suggested Ryan or Shaun.

What would you expect creditors to do knowing that this asset is available?

[MrsR]

Hi Abbiesmum,

Sorry to hear if your loss, and what an awfully frustrating situation you and your hubby are in

From reading your thread I'd like to think that the IP, a solicitor or even the creditors would see that other people's lives would be affected by the decisions made surrounding the property, and that as his share is smaller than the rest, potentially this would mean he has a lesser say as to what happens to it, and therefore it remains untouched in terms of demands for selling it. I would imagine that if the will had stipulated the property remained within the family to be lived in and not sold, that may well have helped!

I hope that the IP may well write this off, due to family interest, but you never know what they'll say

I know is easy for me to say this, but I would find out what the share is worth, get this in writing from a solicitor or estate agent, and then the only way I can see this working would be to offer the funds due into the iva as additional payments tagged onto the end of the iva.

Either which way, I think it's gonna suck if they want the money, but fingers crossed for you they don't ! x