My IVA has yet to be approved I owe about 42k. My father has recently passed away and left me 25% of the value of his home, when this is eventually sold it should realise about 55k, although I feel duty bound to share some of this with my younger sister who has been excluded from his will. What will happen if I do not disclose this to my IP or my creditors, also what will happen if I do?
I think I have answered this on another post and while I sympathise with your sister's situation, the will left the money to you and in an IVA would go to creditors.
A DMP may be a better option as your IVA has not been approved yet and you can still withdraw.
I agree with Michael- but even with a DMP you are supposed to make an honest declaration of your financial status. But be careful that you do not lose your 25% to charging orders, from creditors who see that as a safer way of recovering their debts in the meantime.
