IVA and lump sum to be received

Get expert opinion. This is the place for new questions to be posted.
5 posts Page 1 of 1

margaret644

User avatar
Posts: 1
Joined: Wed Nov 06, 2019 1:16 pm

Post by margaret644 » Wed Nov 06, 2019 1:16 pm
I know someone who is going down iva path with approx £30,000.00 debts due to over spending.
She is divorced and is due to receive over £100,000.00 being her share in the property she owns but has refused to let this happen until the New Year - IS THIS ALLOWED TO HAPPEN ??

kallis3

User avatar
Forum Expert
Posts: 75123
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom

Post by kallis3 » Wed Nov 06, 2019 1:43 pm
If she is considering an IVA then she needs to inform her IP of this 'windfall' and she can pay off her debts in full with this.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk

Foggy

User avatar
Forum Expert
Posts: 29722
Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom

Post by Foggy » Wed Nov 06, 2019 2:17 pm
As she owns , or part owns, the property it will ned to be declared when she goes into the IVA and a restriction will be placed on the deeds -- when it is sold, her share will got to pay off the debt and any surplus will be hers.
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

User avatar
Industry Expert
Posts: 7544
Joined: Wed Dec 03, 2014 10:26 am

Post by Lisa Thomas » Wed Nov 06, 2019 4:16 pm
Is she in an IVA?

What are the reasons for delaying the sale?
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

kallis3

User avatar
Forum Expert
Posts: 75123
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom

Post by kallis3 » Wed Nov 06, 2019 5:35 pm
Sounds like she is looking down that route. Would appear she wants to keep the money for herself to possibly settle her debts.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
5 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”