What happens if you die whilst in an IVA?

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vanessa105
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by vanessa105 » Fri Dec 28, 2018 11:08 am
What would happen on death during an iva... Would the actual debt be paid off or the outstanding iva amount at time of death?
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kallis3
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by kallis3 » Fri Dec 28, 2018 11:19 am
Your estate would probably have to pay off your IVA but it would be down to your paperwork and you need to query this with your IP.
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Foggy
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by Foggy » Fri Dec 28, 2018 11:26 am
In law the arrangement would cease on death. But it would probably depend on where you were in the arrangement and the attiutude of your IP. If close to the end the creditors could agree to close the arrangement on payments made to date. Otherwise the debts would have to be dealt with by the deceased's estate, outside of the agreement, in the way that any other debt would be dalt with.
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kallis3
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by kallis3 » Fri Dec 28, 2018 12:26 pm
A forum friend of mine had awful problems when her husband unexpectly died and nobody would deal with her - it took a long time to sort it out.
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