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Posted: Sun Sep 07, 2014 9:31 am
by pennieless
My husband has been given an inheritance in a will, I was just wondering if he would also have to put in the money to pay my iva off, we have interlocking iva's but the inheritance is in his name alone. thanx
Posted: Sun Sep 07, 2014 9:37 am
by Foggy
As your arrangements are interlocking, for the purposes of income, etc,. they are treated as one. So the inheritance will go into the communal pot to be divided between all creditors pro-rata.
At least that is how my IP's (had two) dealt with our interlocking IVA's).
Posted: Sun Sep 07, 2014 10:01 am
by pennieless
Thanx foggy makes sense really
Posted: Sun Sep 07, 2014 4:35 pm
by Michael Peoples
This depends. If there is enough to clear your husband's IVA in full you could sever the arrangements. Any surplus could then be kept by him or used to fund an offer to your creditors. Speak to your IP and depending on the amount it could be worth getting legal advice.
Posted: Sun Sep 07, 2014 4:37 pm
by Foggy
Good thinking, Michael
Let's hope it's not GT !
Posted: Sun Sep 07, 2014 10:46 pm
by pennieless
Thanx Michael, yes it is enough money to finish my husbands iva, my IP is aware of the inheritance but as its in early stages of probate we have not discussed options.
Posted: Mon Sep 08, 2014 9:00 am
by Michael Peoples
Good luck with this. It would be nice if the inheritance cleared at least one IVA and you managed to see some benefit from the bequest.