Hi all, still gathering information ref possible breach. Do all proposals have a windfall clause written in the actual propsal not the protocol or terms and conditions.
Seems to be conflicting information on line.
Hi Vic most proposals will have the windfall clause written in them. If the proposal is silent on this point, it is normally caught by the additional terms and conditions that formed/were appended to the proposals.
"should I receive any windfall or inheritance in excess of £500 during the course of the Arrangement which would be deemed after acquired property within the meaning of section 307 of the insolvency act 1986, I shall notify the supervisor immediately, and pay such excess into the arrangement. Clause 14 of the standard arrangements will apply. Should the costs of the arrangement, the claims of creditors and interest (at 8% per anum simple) not be paid in full as a result, all my other obligations will be unaffected."
getting there ....
Got there!!
IVA started 27/10/2010
final payment 27/10/2015
CC received 6/5/16
Off the register 5/8/16
Hi all and thanks for the replies we are taking legal advice to be certain of where we stand as it does appear to some degree on the Ip.
one other thing sorry, wehave been told we have to get my husbands fathers house valued and tell them what is secured against it. We havent spoken to his stepmother since his father died and am concerned they will want her to sell it to release my husbands share, can they do this?
I wouldn't think they could make her sell the house but they are due his share of the value if it's decided you are subject to the windfall clause. What has stepmother said about situation? Could she buy out his share? Was it specifically left to hubby in a will?
Hi relieved33, hubby has had no communication with stepmother since fathers death a year ago and she is not aware as are any of the family of our iva. Hubbys dad share was left jointly to him and two siblings. No i doubt stepmother could buy out share.
Foggy would she have to get the secured loan? Extension to cover what hubby may get (no idea of house value or mortgage etc) could run into many years. How long can they make an extension for?
I would think a secured loan would be problematic, with joint ownership it would have to be a joint loan.
I would imagine they would treat it in a similar fashion to house ownership where the extension is automatically 12 months ( capped at the value of the equity share ).
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I feel for you. I remember vividly how worried I was without your added stresses of your father in law passing and the situation with the vindictive person.
Your situation isn't one I have read about on here so would suggest you wait for a professional. With normal equity release, you can extend for 12 months but I am not sure in a windfall situation.
We told nobody about our iva and would have been mortified if we would have had to so I can only imagine how stressful that possibility seems.
Hope it all gets sorted soon with as little upset as possible.
Thanks Foggy if we can avoid involving his step mother all the better, we have one very close friend of mine who knows and she has offered to help make payment if it will finish this for us but i think as relieved33 hasvsaid professional advice is needed. Thank you relieved33 we too will be mortified if family and other not so close friends have to find out and yes the stress is beyond imaginable right now we just hope the fact that we paid the 60mths in full ill count for something but i guess it will depend alot on our Ip's take on it all.
You should check the will because I doubt very much if your father-in-law did not make provision for his wife. He may well have left his share to his children but this may not be passed on to them until his wife dies as otherwise he is risking her home in any circumstances.
Legal advice is a good idea as is the idea of a settlement.
Last edited by Michael Peoples on Fri May 15, 2015 9:12 am, edited 1 time in total.
Thanks Michael, the share is on condition that his wife dies or chooses to move there is instruction that she is at no time to be forced to sell.
We are taking advice so hope to have a clearer idea after that.
Sounds positive. His share would have a value but this would only be bought by an investor who is prepared to wait until his stepmother passes away and so would be worth a fraction of the open market value. It depends on her age, medical condition etc and while it does sound pretty morbid there are people out there who would buy this and thus effectively bet on her death.
