IVA certificate of completion December 2014. Any issues on inheritance ?

Get expert opinion. This is the place for new questions to be posted.
6 posts Page 1 of 1
User avatar
louise262
Posts: 2
by louise262 » Tue Oct 24, 2017 10:15 am
Hello - my IVA started 26th October 2011 and my certificate of completion is dated 8th December 2014.
My Mother died recently and I have inherited her flat ( which was in her will which pre-dated the start of the IVA)
Are there any issues on this? How do I get my credit rating up - there seems to be a catch 22 where I cannot get a credit card which I need to get my credit rating up
User avatar
Foggy
Forum Expert
Posts: 24127
Contact
by Foggy » Tue Oct 24, 2017 10:25 am
louise262 wrote:
Hello - my IVA started 26th October 2011 and my certificate of completion is dated 8th December 2014.
My Mother died recently and I have inherited her flat ( which was in her will which pre-dated the start of the IVA)
Are there any issues on this? How do I get my credit rating up - there seems to be a catch 22 where I cannot get a credit card which I need to get my credit rating up



As long as your mother passed after the issue of the completion certificate the inheritance is of no interest to the former IP or your creditors. The date of drawing up the will is irrelevent.

On the credit rating front, try a vanquis card or somesuch ---- or just wait until after the end of this month when your credit file should clear up anyway. Have a read here:

https://www.iva.co.uk/what-does-an-iva- ... dit-record

and have a read of my blog ( link in signature block below.
User avatar
Ryan
Industry Expert
Posts: 676
Contact
by Ryan » Tue Oct 24, 2017 11:21 am
Hi Louise,

I agree with Foggy. Also on the credit score/rating do make sure that you are showing on the Electoral Roll as that is a big plus on credit scores.

Regards
User avatar
kallis3
Forum Expert
Posts: 72034
Contact
by kallis3 » Tue Oct 24, 2017 11:46 am
I also agree. Sorry about the loss of your mother.
User avatar
louise262
Posts: 2
by louise262 » Tue Oct 24, 2017 6:39 pm
Thank you for your answer - re the property it was just that I saw under windfall details 'come into possession, or be entitled to do so of property by way of inheritance ( I've summarised ) during the currency of the arrangement, which seemed a bit open ended
User avatar
Foggy
Forum Expert
Posts: 24127
Contact
by Foggy » Tue Oct 24, 2017 7:05 pm
louise262 wrote:
Thank you for your answer - re the property it was just that I saw under windfall details 'come into possession, or be entitled to do so of property by way of inheritance ( I've summarised ) during the currency of the arrangement, which seemed a bit open ended


Not really open ended -- what it means is if, while you are in the IVA ( before the completion certificate is issued) you get any windfall or become entitled to it (Person dies leaving something to you, which you might not get for a while) it belongs to your creditors. You become entitled to the proceeds of a will when the person passes .. not when you eventually get it.
6 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”

Who is online

Users browsing this forum: Google [Bot] and 24 guests