re death while in iva

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dorothy245
Posts: 31
by dorothy245 » Thu Jan 24, 2019 1:44 pm
I have been in an iva since September, can you tell me if I die will my daughter have to pay my debt, I have a small life insurance of about £12k to cover my funeral costs with a little bit left over, I am in rented property and have no other asset
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MerlinL14
Posts: 1593
by MerlinL14 » Thu Jan 24, 2019 2:07 pm
A pretty bleak outlook but no she won't. IF you were to die, your estate will pay the funeral costs and anything left over would be paid to your IP and ultimately your creditors. Your Daughter would get nothing unless the remaining estate fully covered your original debt (less payments made), your IP's fees and statuary interest.
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