I finished my iva on 1st September this year it should have been 5 years then got told at the end of year five that I owed £3400 due to extra money earned and no one had informed me. I agreed to pay extra which should of ended in june I rang up to check that I had finished and was told I owed another £880 due to miscalculations to which I complained got £100 back but still had to pay the £880. Now I have rang up its all complete and my certificate should be here by end of November. My father died at the end of August and to make matters worse my mom died 4 weeks later. There is a bank appointed will which might leave the house to me and my 2 brothers. After paying off our parents debts it would leave about 40k each which I was going to use as a deposit for a house so its something for my kids when I go. But as I haven't had my certificate yet would this money have to go to the iva as I would probably lose the lot. Your help would be greatly appreciated as I really don't know what to do.
Sorry about your family loss. Unfortunately, as the inheritance became due before your IVA officially completed then money will have to go to your creditors. If you can pay back 100p in the pound plus fees then any extra will come to you.
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.
Bob Marley. http://kallis3.blogs.iva.co.uk
The issue will be that it is likely that whoever is the executor is likely to do a check to see if anyone is in an IVA etc.
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.
Very sorry to hear about your loss. Your debts are not written off until completion so your IP will needto be informed about your inheritance even if you haven't received any monies yet.
Hi There. How awful for you. Keep the pressure on your IP to close asap. Mention you are considering making a complaint about their mistakes and handling of your IVA. That might hurry things up a bit, hopefully before the windfalls are dealt with.
Lisa, is an inheritance a windfall at time of receipt of monies then? My impression from other posts was that it was a windfall at the time it became to be not when money was had. Can't really remember where I got that from so may have made it up!
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.
Bob Marley. http://kallis3.blogs.iva.co.uk
An inheritance, in my mind, isn't to be considered as existing until Probate has been dealt with and the Will Proved. Once this happens you are entitled to the monies and so, by default, is your IVA, however long it then takes to finalise the estate and pay out to beneficiaries.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I don't agree with the literal interpretation of what Mel said. As an example, I am a beneficiary in my dad's will ... he is still alive. I am AWARE of the potential inheritance, but it is not yet effective and therefore none of my IP's business.
Even when dad pops off, I am still not legally entitled to any inheritance that I might be aware of.
Only when the Will is filed and proven as valid do I have any entitlement .... THEN it is subject to the IVA.
Now ... if the IP gets wind, my guess is he will wait until such time as the inheritance is proven to draw it into the IVA. Personally I would stay schtumm until that time and hope the CC arrives before then.
I could be wrong, but I would run it through the courts if I were in that position and the IP tried to get the money.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Your Dad can still change his mind though! As things stand, that might not be his last will and testament. Once the person has passed, you're a beneficiary to me. Like most things, open to interpretation! I did intend to pay as much as we could but I think I'd be gutted if it was me if I am honest.
Actually, he can't -- but that is a different story.
Even on death the document you might think is the Last Will & Testament might not actually be so. You never know what is lurking in a drawer or solicitors strongroom
Anyway --- I am not supposed to be here -- just couldn't resist sticking my nose in
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I hadn't noticed Foggy was around until it was mentioned:)
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.
I was also under the impression that solicitors would also check to see if an IVA/BR was in place before dealing with an inheritance.
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.
Bob Marley. http://kallis3.blogs.iva.co.uk
