Angelad0281 wrote:I am 2 years in iva ,16000 debt. paying 100 month 5 years paying 2700 fees 3300 to creditors, got windfall of 11000 going directly to iva, whats chances of creditors agreeing to full and final payment total paid into iva would be about 12000
Have you received the windfall yet?
What type is it?
If an inheritance is imminent but not certain yet, could you get the will amended to say your partner?
If it's a prize or gift does it have to be in your name and come to you?
Asking because once in an IVA, it appears that any windfall due to you alone is effectively forfeited, up to the valueof your debts at the start of your IVA plus 8% APR and IP fees.
The only ways round this would seem to be the benefactor naming someone else or a beneficiary trust (with a clear stipulation that it cannot be paid during insolvency) instead of you.
If the money hasn't been given to you (or an executor of a will hasn't declared it yours) yet then you can't be seen to be deliberately depriving yourself of assets yet.
barassic wrote:Would that be classed as money laundering in the case of inheritance ?
No --- if the changes are made by the benefactor before death, they are allowed to decide who gets whatever. However, creating a trust could be challenged as it could be seen as a device to deprive creditors if the trust was created, for instance, when the potential beneficiary was already in the IVA (so a situation which could be foreseen). It isn't laundering, but depriving creditors of assets.
Laundering is where the money is put through a trail designed to hide it's origins.
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