Hi, I'm 5 months into my IVA, all seems good so far but I do have one question that I hope you can help with.
Basically myself and hubby have kept our IVA's private, families don't know as they would worry excessively and we could do without that added burden! However my parents are considering signing their home over to myself and my brother, although they will still live in it. Is this seen as an asset and will I need to inform my IVA, I really don't want to involve my family but am very concerned how this will affect me and them, would I be best to put them in the picture.
Appreciate any advice
Thanks
Have to say that I really don't know about this. It obviously will be an asset and I know that it would be classed as a windfall if it was still theirs and something happened to them. I assume that the same would apply if they signed it over to you.
However, hopefully one of the experts can advise about this.
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
Hi - have a chat to your IP and also a solicitor. I'm sure that as a valuable asset it would be captured one way but a solicitor may be able to advise whether it can be transferred to your name with a clause which would exclude it from any insolvency. It would be sensible to let your parents know about your situation though - I told my mum recently and she is very supportive xx
My father was considering doing this a year or so ago and I talked him out of it, knowing what our situation is, he doesn't know and I would never want him to find out.
If and when anything happens to him and we benefit from his estate then of course that would naturally go into our IVA (that's if it's approved this morning) if we didn't have an IVA we would use this to pay off our debts anyway, but I certainly wouldn't want him to put his home at risk whilst he is still alive because of our own predicament
Hi all, thanks for your replies and advice. After a long day of thinking this over and over, I have decided to speak to my parents and let them know the situation that we are in. I'm dreading telling them, I know they will be completely shocked but I would rather tell them before they do anything with their house, I would hate for them to be down any money because of our financial woes! I think keeping them in the dark is stressing me out more than the IVA is as I'm constantly walking on eggshells when financial discussions arise! Wish me luck!
Thanks again x
I hope it goes ok bluelagoon - I would never be able to tell my parents about the IVA but I do agree that it would be better to do so than risk the house.
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
Hi bluelagoon and welcome, i would tell your parents, you will probably be surprised at the outcome, my friends and family know about my IVA and the support i have got from them has been 2nd to non. My colleagues at work at also aware of it and to be honest some of them are in the same boat so to speak. Good luck and try to stop worrying i'm sure it will be fine and you will feel better for having told them too. Good luck. xxx
Om shanti, namesté, good luck to all who are embarking on the IVA journey, it isn't always an easy one but the outcome is the best.
IVA COMPLETED August 2012, received Completion certificate 18.4.13.
bluelagoon - I decided to tell my mum all - a woman who has never been in so much as a penny of debt ! It was the most scrary moment of my life but actually the relief that I felt afterwards was immense. Once she got over the shock she has been really supportive and helped us out over our IVA - I am sure once you have mustered up enough courage to tell them that you will feel the same. It would be better for them to refrain from signing the property over to you until after your IVA concludes to avoid any added complications etc.
Good luck and let us know how you got on !
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
Both my parents know about my IVA bluelagoon and they have been nothing other than totally supportive. Periodically, mum will ask me how many payments I have left, I was so happy to tell her in April I only have one more left for the end of May. Mum has been great, so with the extra money I will have we are treating ourselves to a pamper day at The Sanctuary at Covent Garden. You will feel a lot easier once its out in the open hun, truly you will x
I would do my utmost to discourage them from signing the home over, it will become an asset if they do. Far better for them to retain ownership at least until the IVA is complete.
We're willing to wipe the slate clean, give you a fresh start. All that we're asking in return is your cooperation.
I agree - hopefully they will be around for a long time after your IVA has completed!
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
weve never told our parents and believe me its not been easy sometimes ,not sure about why they want to sign the house over but would take advice from citizens advice,you also need to consider inheritance tax and issues surrounding if your parents ever went into care ,as i think you would have to pay for this if this happened within 7 years .
Hi everyone, thanks for all your earlier comments and support.
Well today I have finally told my parents all about IVA (well actually I didn't my hubby did as I was a nervous wreck!!) Not quite sure how I feel, think I'm relieved its out in the open, and they seem to have taken it better than I expected although we stopped short of telling them just how much debt we have. They said that they're glad I told them but I should have told them sooner and they could have helped if we needed money. Maybe I will feel more relieved in a few days when they've had time to mull it over I'm just dreading that they will want to know how much we owe!
Well done ... The second hardest thing done - the first being asking for help in the first place. Your parents will support you all the way and when the news settles in they will I am sure be wanting to help you out in lots of ways... Keep posting and we will continue our support x
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
