Will I have to repay debts after finishing IVA if I inherit ?

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lee855
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by lee855 » Wed May 03, 2017 10:28 am
If I have entered an iva and paid of what was suggested and 12 months has elapsed.If I inherite some money will I have to pay my debt back
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kallis3
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by kallis3 » Wed May 03, 2017 10:47 am
Hi,

If you inherit anything once your completion is through, as long it was not known about before your IVA finished then it will be yours.
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luluj
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by luluj » Wed May 03, 2017 7:46 pm
Have you received your completion certificate ?
As Kallis says so long as it was not known prior to the iva finishing the money will be yours.
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Michael Peoples
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by Michael Peoples » Thu May 04, 2017 12:07 pm
If the person died before the IVA was completed the inheritance may be captured even if you were not aware of your entitlement. Otherwise the money is yours to spend as you see fit.
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Foggy
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by Foggy » Thu May 04, 2017 6:41 pm
The dates of death and the issue of the completion certificate are key, as mentioned above. Personally, if it were important, I would argue the date should be that date when Probate was granted on the assertion that the Will is not valid until then.
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Lisa Thomas
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by Lisa Thomas » Mon May 08, 2017 2:29 pm
I'm afraid it doesn't matter if you have paid back the original estimate - this was simply that - an estimate.

If you are still in an IVA when the inheritance is received it will be due into the IVA estate unless and until the total debts have been paid in full together with statutory interest and costs.
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