I offered the full and final settlement figure given and paid it to them, of course it had to go through the creditors meeting etc.,
Within days my husband passed away and left some money in his bank of which had now been transferred to mine.
How do I handle this now, will they take all of it, as part is to pay funeral costs, and I'd have to pay back my family member who paid the final settlement value to me.
So sorry to hear of your loss. I would think that everything will be ok - you have paid your full and final but tell your IP about this to keep them in the loop.
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
Was your late husband in an IVA too? If not the money was his and now belongs to his estate until such time as all of his debts (including the funeral) have been settled. Only once everything he owed has been paid out will any of the money be legally yours. Before that you are just dealing with it on his behalf as his representative.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
although I'd paid the value mentioned to finish the last year of the IVA through a payment from my sister, the IVA people have not confirmed it as being accepted and said it could take two months to get a creditors meeting sorted.
Four days after I had asked all this, my husband died, I am the executor of his will, and sole benificiary, he had an IVA 4 years ago but paid it off once he got his pension, he left no debts.
so my dilemma is if they decide at the next review due November, will they expect everything with the exception of funeral costs.
Sorry it's such a long msg, just need to try to explain it properly
Thank you for any answers
Sorry - I thought it had been accepted. Why did you pay the money across before it had been sorted with the creditors? That is not the normal thing to do.
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
I am afraid that an amount up to the figure required to pay the full original debt, plus fees and possible statutory interest will be payable from the inheritance. It is possible to ask the creditors to forgive the statutory interest element ( indeed this is already excluded in some arrangements)which will bring the amount down somewhat.
You will need to discuss this in detail with your IP. In view of the circumstances, try to speak directly to the IP rather than a case worker.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
The money left was only around £11.3k, and I understand that funeral costs should come out of this, leaving only £7.6k, so I guess they will now want that.
I did not know the process of making an offer and that I should not to pay it until the creditors had accepted it.
The closing figure was £2k, so I thought I had to pay it straight away, ignorance on my part.
Do you think I'll not be able to finish the IVA as I hoped a year early.
The timing of everything is do bad, if my husband had not died, I could have finished this and that be the end of it. Bless him
It will all depend on the creditors but I am sure they will be sympathetic.
Speak to your IP tomorrow.
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
We'll be thinking of you - let us know how you get on.
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
Firstly I am sorry for your loss, condolences to you and your family. I'm not sure why your iva firm accepted a payment for a full and final until creditors had given the go ahead and the amount was agreed.
Please keep us informed of how this goes.
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
My condolences and I am sure you creditors will be sympathetic. Tell the IP you want an extra resolution proposed to exclude the inheritance as it will be needed for the funeral and general living expenses. No reason why that would be rejected.
Since applying for f&f settlemrnt mid Oct, nothing happened, had my annual review this week and was told they would speak with the IP but that it could take 3 months for completion, as they could not set a date with the creditors until talking with the IP about my case.
My question is once it is accepted and you finally one day get the end certificate. During that time, between agreement and certificate can the they still continue to monitor you, and request money from you.
Thanks in advance for your help
Keep pressing them - I have a friend who had a similar situation to yours last year and she managed to get together a full and final with help from a friend. Once it is accepted then that's it - they cannot come after you for any more money.
You need to be a pest and also insist on speaking with the IP directly. You can do without all of this stress now.
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
