Does the IVA company need to be told about additional inheritance?

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suzanna

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Post by suzanna » Thu Mar 28, 2019 9:30 am
I am executor of a will. The benefactor passed away in 2017. One of the beneficiaries had an IVA at that time. By January 2018 I was able to distribute funds (£10,000) from assets realised to date, however, the estate was not complete due to complexity. The beneficiary who had IVA spoke with their IVA company and offered the £10,000 as a settlement. The IVA was due to finish in August 2018. The creditors accepted the £10k offer and in due course the completion certificate was received. I have now finalised the estate. The beneficiary will be receiving quite a bit more than the £10k. As the beneficiary has the completion certificate, does the IVA company need to be told and are they due any of the additional money?

Foggy

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Post by Foggy » Thu Mar 28, 2019 10:30 am
As executor it is your duty to ensure that the estate is dealt with correctly and I would advise you to seek qualified advice from a solicitor with experience in this field.

Much will depend on the actual wording and intention of the settlement. Some will be the literal end of the arrangement whilst others, such as mine, would be simpy an agreement to forgive the regular monthly payments, leaving any future assets (even those yet to be realised --- such as PPI refunds or later discovered windfalls that had arisen before the settlement) as still payable.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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kallis3

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Post by kallis3 » Thu Mar 28, 2019 10:40 am
I agree - you need to seek advice.
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Lisa Thomas

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Post by Lisa Thomas » Thu Mar 28, 2019 10:43 am
You should speak to a specialist insolvency solicitor about this - I can recommend one if you don't know any - DM me.
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk

suzanna

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Post by suzanna » Thu Mar 28, 2019 10:53 am
Thu Mar 28, 2019 10:43 amLisa Thomas wrote:
You should speak to a specialist insolvency solicitor about this - I can recommend one if you don't know any - DM me.
Thank you all for the advice.

Lisa, could you DM me the details of Insolvency Lawyer as I do not seem to be able to DM you?

kallis3

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Post by kallis3 » Thu Mar 28, 2019 11:05 am
You can't DM from the forum. Contact via her firm.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
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suzanna

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Post by suzanna » Thu Mar 28, 2019 11:06 am
Thu Mar 28, 2019 11:05 amkallis3 wrote:
You can't DM from the forum. Contact via her firm.
Thank you :D

Lisa Thomas

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Post by Lisa Thomas » Thu Mar 28, 2019 3:22 pm
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk

suzanna

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Post by suzanna » Wed May 08, 2019 7:13 am
Just to update you all - I took all the above on board and got specialist advice from an Insolvency Practitioner and Insolvency Solicitor . I contacted the IVA company by email (sent to 3 different email addresses including the MD). I waited 7 days and got no acknowledgement or response to any of my emails.
I then phoned the IVA company - took a while to get through to someone who could understand my question and then look into the situation to provide me with an answer. They finally confirmed that the IVA company did not have any claims on any funds due to be received by the beneficiary. I asked for written confirmation of this (email) which they advised I did not need as all calls are recorded! Finally, after I explained that my legal team wanted it in writing, they confirmed the above by email.
Thank you all for your input and assistance - was much appreciated.

kallis3

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Post by kallis3 » Wed May 08, 2019 8:37 am
Glad you got it sorted.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk

Foggy

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Post by Foggy » Wed May 08, 2019 8:43 am
Good to hear and thank you for letting us know.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

luluj

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Post by luluj » Wed May 08, 2019 5:33 pm
Glad it was sorted for you ... personally I am a little surprised it was not due to the creditors as it was a known inheritance prior to the closure of the iva ... a bit like PPI .. but seeing as it is all in writing it's a done deal and no doubt the personal is very happy to have received the additional monies themselves rather than their creditors.
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There is a solution for everyone .... Just need to stay positive !

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suzanna

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Post by suzanna » Mon Jun 10, 2019 10:38 am
Wed May 08, 2019 5:33 pmluluj wrote:
Glad it was sorted for you ... personally I am a little surprised it was not due to the creditors as it was a known inheritance prior to the closure of the iva ... a bit like PPI .. but seeing as it is all in writing it's a done deal and no doubt the personal is very happy to have received the additional monies themselves rather than their creditors.
Thank you. Must admit, I was extremely surprised that none of the inheritance was due to the creditors. The inheritance was a sizable sum and would've repaid the creditors in full and the beneficiary would still have had lump sum left. That's why I insisted in written confirmation :o
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