F&F and inheritance

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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?


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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.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014


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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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