F&F and inheritance

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Bob1234

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Post by Bob1234 » Sat Jun 12, 2021 4:15 pm
My Mum and Dad are going to offer a F&F payment but I’m about to receive some inheritance will I have to pay this into the Iva if the F&F gets accepted?

Foggy

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Post by Foggy » Sat Jun 12, 2021 4:36 pm
Is the inheritance in your name ? If so the asset already exists and is now subject to your IVA. So, any F&F offer would be payable in addition to this. That is how I see it applied (remembering I am not trained in any way, so it is just my opinion). However, IP's exercise a lot of discretion and yours might take a different view --- and that view might also be affected by the figures involved.

Unless points are specifically addressed in a full and final offer, these things are never usually full nor final, but are, more often, simply a moratorium on regular payments pending closure. They do not absolve unfulfilled obligations.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
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luluj

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Post by luluj » Mon Jun 14, 2021 1:43 am
Inheritance will need to be put into the iva pot and will enable a higher return to creditors. You are required to inform your IP as soon as it is known you are due to inherit.

You will always owe 100% of your original debt, plus ip fees and possible statutory interest therefore an offer by your parents needs to be considered after your inheritance has been taken into account.
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