what happens to liabilities if I die ?

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Stephen.ts

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Post by Stephen.ts » Fri Sep 24, 2010 11:33 am
what happens to the IVA/ outstanding liabilities if I die during the IVA administration?
 
 

Michael Peoples

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Post by Michael Peoples » Fri Sep 24, 2010 11:52 am
Your debts are binding on your estate whether in an IVA or not. You could take a small policy for ther duration of the arrangement to clear everything were this to happen and the cost should not be too high.

If you have no estate it is not really an issue anyway.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
 
 

Adam Davies

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Post by Adam Davies » Fri Sep 24, 2010 11:52 am
Hi
It will be just the same as if you died without being in an IVA. Your creditors would have a claim on your estate
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Andam Davies
 
 

liamjames

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Post by liamjames » Fri Sep 24, 2010 11:59 am
Hi Stephen!

Usually your IVA will fail, and your IP will notify your creditors that you have died. As stated above, your creditors may then be able to claim from your estate, as they would normally.

If you have paid a large amount into your IVA and can provide a good dividend, your creditors may accept a posthumous variation to accept funds paid to date as full settlement of the IVA, which would waive any claims they would otherwise have against your estate. I have occasionally had this accepted on sympathetic grounds.
Take care,

Liam James
Varden Nuttall
http://www.vardennuttall.co.uk

Read our reviews here: http://www.iva.com/iva_companies/Varden_Nuttall.asp
 
 

kallis3

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Post by kallis3 » Fri Sep 24, 2010 12:02 pm
If you are on your own and have no assets then it will die with you.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
 
 

orange

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Post by orange » Fri Sep 24, 2010 3:40 pm
seams that if you have debts and die either your estate pays or your poor relatives...a friend of my mine just recently had to pay for her fathers funeral (great world aint it)....no help from any where!
completed july 2011
 
 

kallis3

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Post by kallis3 » Fri Sep 24, 2010 4:07 pm
I'm fortunate in that both my parents have already paid for theirs so won't be an expense for me.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
 
 

Pandy

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Post by Pandy » Fri Sep 24, 2010 4:26 pm
Hi Stephen.ts
Welcome to the forum,
I hope you dont mind me asking but why are you asking this, have you an illness... or are you depressed and suicicidal. If you are depressed etc please , please go to your Dr do not do anything rash. No creditor is worth anyones life. If I am being paranoid please laugh at my expense and call me an idiot.
If life is what you make it, I must have been in a strange mood when I made mine
 
 

kallis3

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Post by kallis3 » Fri Sep 24, 2010 4:36 pm
It is actually a common question on here Pandy.

It's something I think about from time to time even though I plan to be around long after the IVA is finished!
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
 
 

Pandy

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Post by Pandy » Fri Sep 24, 2010 4:42 pm
It's something I don't even think about. You are as likely to die in the next 5 years as you were in the last so why worry about it.[:)]
In fact you are probably less likely to die from stress because the IVA has released a lot of it. [:D]

Maybe I should think about these things more but my view is worry about the things you can control and forget the things you cant. [:D]
Last edited by Pandy on Fri Sep 24, 2010 4:43 pm, edited 1 time in total.
If life is what you make it, I must have been in a strange mood when I made mine
 
 

kallis3

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Post by kallis3 » Fri Sep 24, 2010 4:50 pm
I must admit that I do. With hubby not being in the best of health I do worry how I will manage he dies before the IVA or the mortgage are paid off as neither of us has any life insurance.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
 
 

Pandy

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Post by Pandy » Fri Sep 24, 2010 5:01 pm
Good point, I probably don't think of it as I live in a council house, no mortgage etc,
I am the only breadwinner if hubby died before me it wouldn't affect my income as he doesn't contribute as much as he spends, if I died first, I would be really P**d off as he is so much older than me [:D] but he would end up going BR as he has no income. So I dont really need to worry about it, I can understand others though especially if there is property etc.
If life is what you make it, I must have been in a strange mood when I made mine
 
 

kallis3

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Post by kallis3 » Fri Sep 24, 2010 5:15 pm
I would have to go bankrupt. I'd lose my house as there is equity in it and I am very happy where I live.

I'd better stop this otherwise I'll be making myself depressed!
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
 
 

deepinit

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Post by deepinit » Sat Sep 25, 2010 12:05 am
In my IVA they took an insurance out incase of death that pays £20,000 that should then close the IVA I'm with payplan and its was done by them and comes out of my payment,they set it up without me even thinking about what would happen if this happened
 
 

kallis3

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Post by kallis3 » Sat Sep 25, 2010 8:30 am
Same here, however it doesn't provide for existing illnesses and that is what is likely to do for my husband if he goes before the end of the IVA.

This is why neither of us have insurance as pre existing conditions would make it prohibitively expensive.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
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