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Scott
- Posts: 1
- Joined: Tue Jul 06, 2010 5:39 pm
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I'm writing out of concern for my mother, who took out an IVA with my father around 3 years ago. Unfortunately, my father subsequently contracted a terminal illness, and passed away towards the end of last year. The company managing the IVA initially told my mother not to continue the monthly payments pending a review of their situation, but now they have been back in touch telling her that the IVA has failed, and that she may either have to declare herself bankrupt or begin another IVA.
What I'd like to know is: what happens to an IVA when one half of a couple who have entered into one dies? Surely in such circumstances it can't be deemed to have failed? And is my mother now at risk of bankruptcy, and therefore losing her home?
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Adam Davies
- Posts: 14596
- Joined: Thu Mar 29, 2007 12:21 pm
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Hi
Strange that she was told to stop paying into it and then never contacted again until being told that it had failed.
Your mothers IVA should have been kept alive and payments made based on her income and expenditure.
Can she speak with the company concerned and find out if it has actually been failed ?
Has your Mother any assets ? if not then bankruptcy may be the quickest and most cost effective way for her to deal with her debt
Regards
Andam Davies