www.iva.co.uk

Hi all
I havent been on here for a while but have been "luking" and keeping upto date with everyones progress - it is amazing the support and encouragement that is on this forum!!!!
I am at the stage of getting my proposal back from my IVA company but am a little concerned about the inheritance Q..... basically i am named as a beneficary in a family members will - i get a share of the house when this person dies ( which i hope will not be for a long time yet!). I have mentioned this to my advisor and asked should i get this changed to go to another family member on my behalf so that if the worst happens the money from the sale wil not be gobbled up in the IVA. They have said that it will make no difference at this stage as the creditors will see that it was changed just before i entered into an iva and they will be able to claim it...... i cant belive this to be correct - surely if my friend decided that for reasons only known to them they wanted to exclude me from their will and leave this inheritance to my daughter instead no one would have any right to question this ??? Any advice greatly appreciated.

Can anyone PLEASE give any advice! thanks

i really couldn't tell you, but i am sure someone will be along soon who can.
although i don't see how they could prevent the person from changing their will, it could be that that person found out about your debts and no longer wants you to inherit from them!

I am with your thoughts on this one, gmac. Take this as a scenario --- dad wants to leave his house to you and your brother .. fair enough. He finds out you are in an IVA and doesn't want the house to be sold from under the brother's feet to service your debts. So, he dis-inherits you (trusting bro will "see you right" in the future).

Naturally, you don't like being dis-inherited, but it is beyond your control.

The house is your dad's, to do with as HE wishes. The creditors (IF they ever found out about the Will change) have NO say in your father's affairs!

thanks for the response Foggy
I am going to raise this with my advisor again as i cant see it being correct!

I agree completely with Foggy. The will and its contents are not your assets and if someone wants to leave you something they can do. If they want to change that will they also can but after death it is your asset. I am sure the person does not want your share taken by creditors and would prefer it to go to your daughter so the adviser is completely wrong. I would be dubious of any IP company which gives out such bad advice as I would certainly have doubts on the overall proposal.

I suggest you go to a different firm as I would be suspicious of the motives of this outfit. Their 'advice' potentially could cost your family a lot of money and I would wonder if they secretly hope you do inherit so they can grab a huge fee from it. IPs get normally 15% of what they raise but I have seen a 'free' company charge 25% over and above the total debts in posts on this Forum.

Which firm is giving you such bad advice possibly so that they can extract a huge fee from your daughter's inheritance?

Hi Michael
Thank for this info - its exactly as i thought anyway - but i havent really put the advisor over it again - once i do that i will let you know the company as i would rather not say in public at the minute.
Thanks
again

I agree with Michael - I'd be looking at another company if possible. The ones who post on here come recommended.