Something left in a will

[lollyollie]

Can anyone help answer this question? I have asked DFD who are helping with my IVA but they couldn't give a proper answer.

If say for example my Grandma died and left me some money in her will - would the full amunt be expected to go towards the IVA?

Thanks

L

[Mrs_Moody]

From what I gather (from reading other posts on here) yes it will be be expected to go the IVA, but anything over & above the original debt including the fees you can keep.

[johnh]

Suggest you persuade Grannie to change her will and leave someone else the money and you the Picasso!!!

[plasticdaft]

Any monies will normally fall under the windfall bracket and how it will be dealt with should be mentioned in your proposal docs. Its common to be allowed to keep the 1st £500 of any windfall but this varies from IVA to IVA.

Paul

[MelanieGiles]

I cannot believe that the largest provider of IVAs in the UK could not answer that question!
Declan - have a word with them!!

This is clearly a windfall - and even if you were left the Picasso it would make no difference - a windfall can be an asset as well as cash.

[kallis3]

Presumably they would make you sell the Picasso!

[MelanieGiles]

Yes - all after acquired assets would have to be sold and the proceeds handed to creditors.

[lollyollie]

So if i was left say £500 - more than likely it would go into the IVA?

And what happens if i was left shares in companies (I know 1 Grandma has shares) - would i be made to sell these and give the monies to the IVA?

Just want to be clear - I understand its only fair to do it- If one of family does pop off and leave me anything just wondering how i'm going to explain to my parents that the money has gone straight away!! They won't know about the IVA

thanks

L

[MelanieGiles]

You would be required to declare the windfall ie the shares, and then sell them for the benefit of your creditors.

[Julie]

Your proposal will tell you about windfalls,like plasticdaft says, you can keep the first £500 in some IVA's.

[Cath]

Don't wish your family away. If they are aware of your situation let them leave it to your mum or someone who can then leave it to you.

I have just spent about £17000 trying to do something about my debt, money that was left to me by my Grandma who died last year and I am so gutted that I let her down as after all that money, I am still insolvent xxx

[Cath]

However, having just thought about it, if I'd considered IVA before I got the money, I would be in a better position now as it would have made great inroads into my debt and IVA, I thought I could solve my problems with the inheritance. How wrong I was.....Sorry G xxx

[LadyBarnosky]

I was the same i was left 50000 by an auntie paid off all my debt then bought the house with a big deposit towards the mortgage. Split up with my ex and ended up in debt and with the house ( which) i am glad about but still was alot of cash and now i am in debt. But....i still have a roof i am now married and happier than when i had that money! LLoyds gave me a 8 grand overdraft on a monthly income of 15000 and then wondered why i got into a mess.At that time i was very low and needed ,oney so wasnt thinking about the consequences.....one thing tho will never ever have credit again. I have lived without even a cheque book for the last year and what i have is mine and boy do i appreciate it more!

4 years left and counting .....