What happens to the IVA if one person dies ?

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by nighat » Thu Mar 09, 2017 8:20 am
what happens to the IVA if one of the partner dies.. Does it get passed on to the spouse or does it dies with the person.?
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by Foggy » Thu Mar 09, 2017 9:05 am
The IVA of the deceased will end and the debts will then form part of the deceased's estate as they would normally. They will then be settled from the proceeds of the estate. If there are insufficient funds in the estate they will be written off. The only debts that would pass to the surviving spouse would be joint debts, which would carry on as before.
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Michael Peoples
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by Michael Peoples » Thu Mar 09, 2017 9:05 am
The IVA terminates on death and the debts are binding on that persons estate. However we usually call a variation to close one or both IVAs down based on payments to date and creditors are normally sympathetic.
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