So you owe your brother-in-law £11k? And your Dad is going to give you £27k to poy off your debts? Why not treat £11k of that loan in lieu of the inheritance, and then the other £16k as the offer. Your brother-in-law can then keep the £11k from the inheritance, and you repay your Dad over time Or am I missing something here?
IP says that because we would be paying 33K into our IVA, the sensible amount for the f&f is 27k. Also have to produce doctor's statement to reinforce this offer (which I believe costs £60). She says creditors will still be needing the inheritance when the house is sold.
OK - I see her point. My view remains that the inheritance is a windfall, and that your brother-on-law's loan is unsecured and should have been included into the IVA. If the IVA cannot be concluded until the house is sold, then is there any point in offfering the full and final settlement now? Could your father give you any more money towards the inheritance?
no more money. But surely if we don't have to pay for the iva any more, we can save towards this inheritance and bring an end to the whole situation.
can the loan be included now.
i doubt it
That may be a possibility to discuss with your IP. Also whose name is the inheritance in, as it only effects the person and not both of you assuming that you are not both named in the will?
You will need to ask your IP if the loan can be included - technically this is possible, but the IVA may need to be varied to accomodate this.
No - it means that only you wife's creditors shoul benefit from the inheritance, and if she could then pay 100p in the £ then you would not need to pay any more. Worth looking at if her creditors are lower than yours.
What I'm not understanding is how your IP can essentially demand that your share of the inheritance is £11k which will need t be paid in as surely until the house is sold and all fees taken off (solicitors selling fees, probate, estate agent fees etc) you have no idea what your share of the inheritance could be?, what condition is the house in? do you think you will achieve the full asking price of £55k for it?.
How do you feel about selling the property, submitting the windfall to the IVA, doing the full and final, which as Mel says, get your dad to offer less in view of the windfall paid in and then he gives the remaining sum to your brother and you can pay him back afterwards, that seems the most sensible thing to do, but until you sell the house and know what monies are due to come your way, none of this can be decided really
i assumed that the windfall had to be paid in anyway, and would not in any way affect the amount to be paid to creditors unless it brought the total paid to over 100% (which it won't).
