Paying off my IVA?

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Post by k » Fri Apr 09, 2021 12:58 pm
My mom has offered to pay off my IVA as she didn’t know I was in debt. My Nan is ill and my mom is an only child so will inherit whatever she has. If I do benefit from her will (I might not) can the IVA ask that I pay all of my inheritance in despite my mother making an offer of settlement and it being accepted?


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Post by Foggy » Fri Apr 09, 2021 1:39 pm
As long as your Nan passes after the certificate of completion has been issued any inheritance in your name will be yours. This certificate can take up to 6 months after the final payment has been made.

If she passes before that certificate is issued, you are still, technically in the IVA and subject to the agreement. In this instance the wording of the settlement agreement is important. Many full and final offers are merely a suspension of regular payments until formal completion ( issue of the certificate) and all other conditions still apply. Some are actually worded to be, as the name suggests, 'full and final' --- in which case all requirements of the IVA are suspended after the date of the final payment.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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