Inheritance

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nicole886

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Post by nicole886 » Tue Feb 11, 2020 9:17 pm
hi,
I have been in my IVA for 3 months owing £22k and I am about to receive a windfall in the next 6 weeks due to my uncle sadly passing. I’m an due to inherit around £60k and I have called my IP today to advise them of this and that I will be paying the IVA in full plus fees etc. When I asked the full figure I need to pay they wouldn’t tell me until I showed proof of how much I was inheriting (can’t show proof until probate is granted as I don’t know exactly to the pound I will get) my question is why can’t they give me a figure? And secondly I want to know why they need to know exactly how much I’m inheriting? Is this so they can charge me more?

Foggy

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Post by Foggy » Wed Feb 12, 2020 8:09 am
They will not give an exact figure until they know when the inheritance is to be paid as part of this will be fees, which are still ongoing and statutory interest which is calculated on the reducing debt amount on a daily basis, so will not be known until they have the end date.

I am guessing they want to know the amount to see if it will, indeed, cover all outstanding debt, fees and interest --- to see if it is worth doing the exact calculations, maybe. Also an early end will require a meeting of creditors, which they do not want to call without good reason.

They cannot increase the outstanding payment to 'fit the inheritance' --- they can only charge fees as agreed and statutory interest is fixed at 8% simple per annum.
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

Lisa Thomas

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Post by Lisa Thomas » Wed Feb 12, 2020 9:47 am
I do understand as it will take time to produce the calculations and give you the exact figure but they could at least give you a ball park figure, that wouldn't be too hard to work out with estimated timescales...
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

nicole886

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Post by nicole886 » Wed Feb 12, 2020 3:19 pm
Hi, thank you for the response.
Yes that is what I thought surely it would be £22k plus what the fees are... the document I signed said the fees were £3650, will the fees be less than that as I only went into IVA 21st November.
Really wish I didn’t go into the IVA now...
Also what happens when this amount is paid in full? Isit a simple case of I receive my completion certificate or is there an assessment etc?

Foggy

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Post by Foggy » Wed Feb 12, 2020 4:16 pm
The proposal you signed would have mentioned the fees -- but these are often altered by the creditors, so you need to see what was agreed in the Chairman's Report -- the 'minutes' of the creditors meeting at the start of the IVA.

A very rough 'back of a fag packet' calculation would put the sum required in the ball park of £22,000 original debt, plus nominees fees of around £1500 and supervisors fees of around £3,300 and disbursements usually around the £500 mark. Statutory interest would be in the £750 area. So that would be £28,050 -- ish ... less whatever you have paid so far.

When the payment is made you will get the completion certificate within, hopefully, 2 to 3 months. You will come off the insolvency register within 3 months from then but the IVA and defaults will stay on your credit files for 6 years from last November.
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 » Thu Feb 13, 2020 5:42 am
If probate not yet granted I would imagine it will be longer than 6 weeks before you receive your inheritance.
The solicitor will ask all benefactors to confirm if they are in a iva or are bankrupt and will then want to deal with your IP direct to ensure they pay the money due to them direct, the balance will then be sent to you.
I know this from personal experience.
If your family members who are also benefactors are unaware of your iva, I would suggest a letter or conversation with solicitor dealing with estate explaining your situation and asking them not to share this with others, including executors to the will.
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