Disclaiming inheritance

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Ant3101

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Post by Ant3101 » Wed Aug 03, 2016 3:04 am
Is it possible that I can refuse to receive my inheritance that I have found out I am due so the rest of my family aunt/uncle/brother can get it instead of it going to the IVA as myself and my brother are due my father's share as he passed before our grandmother died
Last edited by Ant3101 on Wed Aug 03, 2016 3:07 am, edited 1 time in total.
 
 

kallis3

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Post by kallis3 » Wed Aug 03, 2016 8:11 am
Hi,

Not too sure but if your grandmother has now passed (sorry to hear it) and the inheritance is now due then it may well have to go to the IVA. Whoever is dealing with the estate will check to see if anything is in place.

I am sure that one of our more knowledgeable posters will be along soon with a more definitive answer.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
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http://kallis3.blogs.iva.co.uk
 
 

Ant3101

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Post by Ant3101 » Thu Aug 04, 2016 6:06 am
Well the estate is in Probate but from what I've read I can disclaim within 2yrs of death so long as it hasn't actually come to me so gunna give it a go
 
 

relieved33

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Post by relieved33 » Thu Aug 04, 2016 7:49 am
https://www.insolvencydirect.bis.gov.uk ... ry-new.asp


All I can say is that you need professional advice. You are legally bound to inform your IP now that you are aware that you may be duea windfall. There are consequences if your IP finds out.
 
 

Lisa Thomas

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Post by Lisa Thomas » Thu Aug 04, 2016 9:38 am
No and if your IP finds out (the solicitors should do a search and find your IVA) you are risking failure of the IVA.

Perhaps your other family members would be kind enough to help you with a F&F settlement offer from their share of the proceeds? (on the assumption there is not enough from your share to pay off the balance, interest and costs in full bringing your IVA to an early end)
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
 
 

Ant3101

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Post by Ant3101 » Thu Aug 04, 2016 7:52 pm
Thank you for your help everyone I shall ring the Solicitors tomorrow and inform them of my iva better to be safe than sorry and risk losing the house over it. The payment should clear half of my creditors debt so fingers crossed that should reduce my monthlies and my iva hasn't actually been approved as of yet.
 
 

Foggy

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Post by Foggy » Thu Aug 04, 2016 8:36 pm
If your IVA hasn't been approved, could you dealy the creditors meeting until you have received the inheritance and used it to pay off the most expensive creditors (high interest / minimum payments). Then re-assess your situation with only the cheaper creditors left -- you might then be able to manage them without the need for an IVA and all that it entails.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

Ant3101

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Post by Ant3101 » Thu Aug 04, 2016 8:52 pm
Cheers foggy I hadn't thought of that
 
 

lifenoteasy

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Post by lifenoteasy » Thu Aug 04, 2016 8:54 pm
Or see about a one off lump sum iva.

Also see about reclaiming ppi yourself and see if that makes a difference to outstanding amounts.
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.
 
 

Ant3101

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Post by Ant3101 » Thu Aug 04, 2016 9:11 pm
The only problem I have is I don't know when I'll get it could be 2 weeks could be 6 months
 
 

Foggy

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Post by Foggy » Thu Aug 04, 2016 10:20 pm
Can you struggle on paying minimum payments to creditors until the payment arrives ? Otherwise do a DIY debt management program -- write to each and offer a smaller, affordable amount over, say the next 6 months.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

Ant3101

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Post by Ant3101 » Thu Aug 04, 2016 10:46 pm
Thank you so much for the advice foggy I didn't think of that I shall get onto credit fix tomorrow to cancel the iva procedure then get onto my creditors
 
 

Lisa Thomas

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Post by Lisa Thomas » Fri Aug 05, 2016 9:09 am
I hadn't realised you weren't yet in an IVA - good advice from Foggy. Use your share to put forward a F&F settlement offer to creditors - you can possibly even do that without an 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
 
 

Michael Peoples

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Post by Michael Peoples » Fri Aug 05, 2016 9:54 am
I agree that you should pull your IVA application now. While a DMP will also damage your credit file it will at least buy you time until you get the inheritance. At this time you can then have a fresh look at your finances.
Last edited by Michael Peoples on Fri Aug 05, 2016 9:56 am, edited 1 time in total.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
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If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
 
 

Ant3101

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Post by Ant3101 » Mon Aug 08, 2016 10:41 am
What would you all suggest would be an acceptable f&f with a total debt of 30k do you think they would accept 10k as over the 6yrs I'd only pay about 7k
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