If a person in an IVA knows that they are about to inherit a reasonably large sum of money during the next six months, would offering a full and final settlement figure now (by using funds from another source, e.g. a gift from a friend or relative) i.e. prior to receipt of the inheritance, be likely to cause issues with the IP? In other words, not declaring to the IP that there is an inheritance forthcoming and making a F&F offer using other financial means. Would be grateful for any advice.
If the IP got wind of the inheritance after the settlement, and was aware that it arose during the IVA, he could, if the amount was worthwhile, pursue you for the money.
In any event, you would be looking at about a year to be clear and have your completion certificate.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by relieved33
You are obliged to inform your IP as soon as you are aware of the inheritance not when it is received.
An IVA is a legally binding document that I would not risk breaching.
Assuming that money inherited in a will counts as an "after-acquired asset", where is it recorded that the IP must be notified "as soon as you are aware of the inheritance"?
I know in bankruptcy "the bankrupt has a duty to co-operate with the trustee, specifically as regards notifying the trustee in writing of any after-acquired property within 21 days of becoming aware of its existence"
However, the terms of my IVA state "If at any time during the arrangement you acquire or are left with "after-acquired assets" ... you must as soon as reasonably possible tell the supervisor about the asset or increase in income"
To me this seems to clearly state that you must tell the IVA supervisor when you acquire the asset, rather than when you become aware of the asset.
"If you think it's expensive to hire a professional to do the job, wait until you hire an amateur."
The F&F would take a while to draft and complete the meeting and then all the closure bits whereby you would still be bound by the t&c's of the IVA would be in place so as others say it's best to tell your IP as these things do come to bite us if we're not careful.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
