What happens if someone receives a legacy in premium bonds ?

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Diana.k

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Post by Diana.k » Sun Apr 19, 2015 2:37 pm
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What happens receives a legacy, in this case £2,000 in premium bonds, how does this affect them
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lifenoteasy

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Post by lifenoteasy » Sun Apr 19, 2015 2:39 pm
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Its a windfall and should be handed over to the IVA.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
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Foggy

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Post by Foggy » Sun Apr 19, 2015 3:08 pm
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Hi. As said, an inheritance is considered a windfall and, as such, has to be paid to your creditors.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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luluj

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Post by luluj » Mon Apr 20, 2015 5:02 am
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you would be expected to cash in the premium bonds and it would be usedvto increase dividend to creditors as classed as a windfall.
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Lisa Thomas

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Post by Lisa Thomas » Mon Apr 20, 2015 12:43 pm
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Sorry Diana - as everyone has said its an 'additional' asset of your IVA and is caught under the windfall clause so has to be paid over. Non disclosure/payment could result in a failure of the IVA.
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk
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