Separating our IVA's

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julie376

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Post by julie376 » Tue Nov 24, 2020 4:05 pm
hello - how can I separate our interlocking IVA's please as I have inheritance coming just to myself which will cover all the debts in my IVA but wont quite be enough to cover my husbands so obviously I would rather be able to have some of the inheritance to invest for my daughter & continue carrying on paying my husbands IVA. Many thanks

Foggy

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Post by Foggy » Tue Nov 24, 2020 4:35 pm
You need to speak to your IP --- but I suspect that it might be too late as you are already aware of the inheritance and it is already an asset of both arrangements.
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

julie376

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Post by julie376 » Tue Nov 24, 2020 7:18 pm
Hi Foggy
We have only had the IVA since 27th October- is there anyway to get out of it please as the inheritance would have paid off all our debts but the IP apparently takes 20% of any windfall payment

Foggy

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Post by Foggy » Tue Nov 24, 2020 7:37 pm
The IP will take 20% of any realisations, as well as a nominees fee. The only way out of the arrangement now is to allow it to fail by witholding payments --- however, as I have said, the inheritance is already an asset and is payable. Creditors might well sue for bankruptcy if the IVA is failed, knowing this money is available.

It is possible that the IP will be willing to separate the IVA's before the inheritance is realised. On,y he or she can say. But worth the ask.
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

julie376

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Post by julie376 » Thu Nov 26, 2020 7:12 pm
Hi again - I know I am a beneficiary but I don’t know the amount I may receive yet can I ask for the Iva to be separated without saying about the will?

Foggy

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Post by Foggy » Thu Nov 26, 2020 8:44 pm
You could -- they might ask why or they might put 2 and 2 together when your inheritance hits your IVA. You might be able to maintain that you didn't know about the bequest until later on.
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

julie376

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Post by julie376 » Thu Dec 03, 2020 7:07 am
My relative died the same day that we signed the Iva paperwork- would this still mean the inheritance is an after acquired asset please?

Foggy

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Post by Foggy » Thu Dec 03, 2020 7:58 am
I am not your IP -- but, in my opinion, it would be, yes. I have views at variance with the industry on this and would argue that nothing is definite until such time as the Will is approved and probate granted, but the industry rely on date of death.
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
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