Adam_7985 wrote:So me getting a £20k inheritance will end up costing me £7,000 more than I originally owed, seems really unfair
unfortunately you have received truly shocking advise and shouldn't be in an iva if the inheritance was known. make a complaint
You won't get much sympathy here for paying over the odds I'm afraid.
Adam_7985 wrote:You say it would be a lot less than if I carried on without the Iva but if I paid £20k off my original debt I would only be left with £16k and that does not add up to £7k extra worth of interest
You are quite right. and if you had paid off the 20k there is a good chance you wouldn't have needed the iva in the first place.
Adam_7985 wrote:The person with the inheritance was sick at the time I was going through IVA but he hasn't died yet so didn't think it was appropriate to talk about inheritance with the Iva company when I had no timescales to base it on, out of interest if I would of arranged a dmp with my creditors instead of an IVA could I have used the money to make them an offer, too late now I suppose
You could have used the inheritance for an offer if not in the IVA ... but, as you say, that horse has already bolted.
If the person still has the capacity the will could be changed with an addendum (codicil) inserting an insolvency clause, stipulating that any bequest to a beneficiary who is insolvent is to be held in trust until they are solvent again --- you would need the advice of a solicitor for watertight wording. In bankruptcy I believe such a trust would still be subject to the BR as an asset, but this might not be the case in an IVA as the IP's reach is not as powerful as that of the OR.
There is a possibility that you get nothing anyway. Some wills are written in such a way that if a beneficiary is insolvent they do not inherit and the solicitor would run an insolvency check before giving out any money. It is unfortunate as no doubt the person who was leaving the money wanted you to enjoy it and not to go to your creditors.
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