www.iva.co.uk

can you please let me know if i am in an iva and have been left my parents property can i move into it as my future residence as i am at the moment renting?

Hi Maddie,

I see no reason why you could not move in.

I assume from your other post on this subject, that the property has no mortgage.

You will need to speak to your IP. I suspect the money you are saving in no longer paying rent will be classed as a net increase in income, and you will have to increase your IVA payments - presumably subject to the standard 10% 50/50 rule (ie: 10% income increase is OK with no IVA payment increase, but 50% of anything over that 10% goes into the IVA pot).

Also, I don't know if you would be affected by the IVA 'equity release' clause. Presumably you were renting when you set up the IVA, and so this would not have bee written into your contract. Your interest in the property may therefore be protected (would be interesting to see an expert opinion on this subject though).

Good luck.

I am afraid the property is likely to be regarded as a windfall and the share inherited will need to be paid into the IVA.

My advice would be to discuss this with your IP. As foggy has said there is a chance that your share will need to be taken into account within your IVA, depending on your own proposal details. Let us know how you get on.

I think that undoubtedly the inheritance of this asset will be deemed to be an asset of the IVA, and therefore you need to advise your IP of this at the earliest opportunity, and then hopefully they will be able to advise you what to do. Were you the sole beneficiary in your parents's will?

Have replied on another post of Maddie, I was in a "similarish" position a couple of years ago when my Mam passed away, she owned the home which her, my disabled sister, brother and myself lived in and was told the house was classed as a windfall, I have been left with having to pay an extra 12 months on my IVA...

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Gettingthere

Have replied on another post of Maddie, I was in a "similarish" position a couple of years ago when my Mam passed away, she owned the home which her, my disabled sister, brother and myself lived in and was told the house was classed as a windfall, I have been left with having to pay an extra 12 months on my IVA...

Oh!! maybe it is best the will is only made out to my brother then?

Hi Melanie,

The will is being drawn up soon this is why i need to know maybe it is best it is only left to my brother?

Does your father know of your IVA / If so, and you would have to seek an IP's advice on this, could the will be drawn so that your brother inherits the house, with a clause that he transfers a half share to you once, you again become solvent?

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Foggy

Does your father know of your IVA / If so, and you would have to seek an IP's advice on this, could the will be drawn so that your brother inherits the house, with a clause that he transfers a half share to you once, you again become solvent?

no my father foes not know but this sounds a good clause to have thanks

I don't think that your father needs advice from an IP but probably from a lawyer. Whilst your Dad is free to pledge his assets in whichever way he chooses, I think that you need to steer away from being the driver of this as this could be construed as being involved in steering assets away from your creditors. Let Dad make his own mind up about how best to word his will - and it may be a good idea at this stage to share the fact that you are in an IVA with him.