What happens to the IVA if one person dies ?

Get expert opinion. This is the place for new questions to be posted.
3 posts Page 1 of 1
User avatar
nighat
Posts: 1
Joined: Thu Mar 09, 2017 8:20 am
by nighat » Thu Mar 09, 2017 8:20 am
what happens to the IVA if one of the partner dies.. Does it get passed on to the spouse or does it dies with the person.?
User avatar
Foggy
Forum Expert
Posts: 23230
Joined: Fri Dec 17, 2010 11:14 am
Contact
by Foggy » Thu Mar 09, 2017 9:05 am
The IVA of the deceased will end and the debts will then form part of the deceased's estate as they would normally. They will then be settled from the proceeds of the estate. If there are insufficient funds in the estate they will be written off. The only debts that would pass to the surviving spouse would be joint debts, which would carry on as before.
User avatar
Michael Peoples
Industry Expert
Posts: 15097
Joined: Mon Nov 03, 2008 12:36 pm
Contact
by Michael Peoples » Thu Mar 09, 2017 9:05 am
The IVA terminates on death and the debts are binding on that persons estate. However we usually call a variation to close one or both IVAs down based on payments to date and creditors are normally sympathetic.
3 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”

Who is online

Users browsing this forum: No registered users and 35 guests