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Posted: Sat Oct 15, 2016 8:22 am
by philcre
Hi
Do my children have to contribute into my iva if they inherit a large sum of money?
Posted: Sat Oct 15, 2016 8:35 am
by kallis3
Hi and welcome,
If they are nothing to do with the IVA and the money is in their name then it is theirs to do with as they will as far as I am aware.
Posted: Sat Oct 15, 2016 10:05 am
by Foggy
As Kallis says -- as long as the inheritance is clearly in their names it cannot be drawn into the IVA. I would add the caveat that one "charity" firm do consider "household" income to be all fair game, so they might take a different view.
Posted: Sun Oct 16, 2016 6:14 am
by luluj
Hopefully the answers above give you some relief. Your childrens money is theirs and should not be taken into account with your savings or income. In fact your IP need mot even be informed of it in my opinion so long as it doesn't hit your bank account in anyway enroute to your childrens accounts
Posted: Sun Oct 16, 2016 9:31 am
by luna
Hi
Our children's affairs (who became adults during the IVA) were never questioned in any way during our IVA.
But we got the budgets for them all the way through.
Posted: Mon Oct 17, 2016 12:30 pm
by Lisa Thomas
No but perhaps they would be kind enough to 'gift' you some of it to help you settle the IVA early (depending on whether they are adults or not)