What happen if I die?

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ralffik85
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by ralffik85 » Tue Apr 03, 2018 6:36 pm
Maybe thats gonna be odd question but, what happen with my IVA if I die? I got life cover insurance that will pay 100k£ to my ex-wife, my orginal debt was 16k. In case om my death will she have to pay back my debt?
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Foggy
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by Foggy » Tue Apr 03, 2018 6:52 pm
If you die during the IVA the arrangement will cease and your debts will be payable from any estate you leave, as they would be if you never went into an IVA. Often and depending on the way you have organised the life insirance, the payout from that will not form part of your estate as it is in the favour of and will go direct to your ex-wife. Your debts will be paid from your estate, as said, and anything not paid, if there is not enough to cover them, will be written off and not transferred to your ex-wife. This is assuming none of the debts are joint with her.
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