www.iva.co.uk

We have sadly just heard my husbands grandad was found at home this morning, sadly hes passed away.
His house will now have to be dealt with. My husband says he thinks the will includes him having a 25% share of the property. Now we knew this was possible when we areanged iva and talked about it but hoped it wouldnt happen.
So I know this will be counted as an asset and the iva will want it but where do we stand as to using it for F&F or will we have to pay it all as always owe the full debt? I have no idea re:figures, just wondered where we potentially stood.
Shame we cant keep it but these things happen so got to deal with it within guidelines.

I am so sorry to hear that.

You can but speak to your IP about this.

I would have thought at this point you actually don't know so it's not yet crystallized. So as it does not exist today I would be inclined to say nothing and maybe have a chat with a solicitor see what can be done to protect the asset! Soz by the way

Doesn't matter - the fact that it became known during the IVA it is due to the creditors and a solicitor will check anyway.

Sorry to hear of your loss.
You are duty bound once the will is confirmed to inform your IP.
I would wait until the will has been read and you know exactly the % involved.

Oh we certainly wouldnt hide it or try anything sneaky and im not gonna discuss anything until figures etc are known. My hubby mentioned it but its onviously not the focus, just something we need to deal with in due course.
Speakingbwith IP will be easier said than done given we are with creditfix hence why getting you guys advice first so i know what potential options might pan out to be.

Concentrate on getting the important things sorted out like the funeral and the grieving. That's the main thing.

My sincere condolences to you and your family.

Deal with your grief and when the will is read, you will know for definite what is what and be more informed. At this point you will need to discuss with Credit Fix as you will have something definite to discuss.

At this time, sit back and reflect on his life and allow yourselves valuable time to grieve.

Go to them with facts not a possibility - they are too erratic and with the best will in the world that would be a level of stress that you do not need at this stage.

Due to a very complex family tree on that side its likely to be a long process! my husbands Family dont know about our iva so it will all come tumbling out when the time comes! Will keep you posted if more advice required!

Thinking of you - we're all here for support.

Re family finding out about IVA.

I can't see why or how that information would be made public. When dealing with the solicitor when the time comes, he will either pay you what you are entitled to for you to pass on to your IP or the funds will be sent direct to the IP by the solicitor. At no time would there be any reason for your financial situation to be discussed outside the triangle of you, the solicitor and your IP.

My husbands mum will question what we're doing with money! Shes a nosey mare! I realise it wont be released officially but as she knows hes in the will regarding the house she will question him and have all these plans for what we can do!!!! Like i said-nosey!

I think you will have to put your foot down and explain that it's none of her business and you will need to sit down and talk about it with hubby before making any decisions.

You could always say that you are putting it away in a savings account and saving it for a rainy day!!