Can i refuse my inheritance to avoid paying to iva?

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Jujujojo
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by Jujujojo » Sat Jun 24, 2017 7:35 am
I'm in4 th year of IVA and due inheritance from my Mum. Can i refuse the inheritance and let my sisters have it? It seems wrong that Mums assets go towards my stupid debts, I'd. be happier knowing it's being used for its purpose, to have to enjoy and help grandchildren just as mum would have wanted. Is it legal to do this?
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Foggy
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by Foggy » Sat Jun 24, 2017 7:40 am
Hi -- if you are named as a beneficiary in the will and there is no insolvency provision written in, I am afraid you cannot refuse the inheritance. But don't think of it as a waste -- it is your mum's gift to help clear your debts and get you onto that fresh, debt free, start. If there is sufficient you might be able to close the IVA early.
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kallis3
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by kallis3 » Sat Jun 24, 2017 8:39 am
I agree with Foggy - I would want to pay my debts off and start again.
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luluj
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by luluj » Sat Jun 24, 2017 6:32 pm
I understand your take on it however agree with foggy and kallis your debt being cleared will heĺp you to move forward and into a debt free life which I am sure would be what mum wanted.

I had similar in my iva time with my godmother leaving me money and I had to come to terms with seeing over £50k go towards my debt clearance - hard but made me debt free sooner !
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Michael Peoples
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by Michael Peoples » Mon Jun 26, 2017 8:12 am
There is a possibility that the will was written in a manner whereby anyone who is insolvent is excluded. The executors should be able to advise whether this is the case and perhaps the money may not be lost to your creditors as yet.
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