Will I get to keep inheritance after IVA completed

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deborah180

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Post by deborah180 » Tue Apr 17, 2018 9:28 am
My IVA was settled and I got the certificate in June 2017,it's no longer on my credit file. I'm wondering if I get some inheritance from my mum's house sale do get to keep it or will it be taken off me.
Do solicitors do a search for previous IVA??

Foggy

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Post by Foggy » Tue Apr 17, 2018 9:42 am
When did your mum pass ? If it was after the issue of the certificate than it is of no concern to youir former IP or creditors.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Visit my blog here : http://foggy.blogs.iva.co.uk/

deborah180

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Post by deborah180 » Tue Apr 17, 2018 9:50 am
Foggy wrote:
When did your mum pass ? If it was after the issue of the certificate than it is of no concern to youir former IP or creditors.
She hasn't died tho my died dad passed in Feb this year so just planning ahead. Terrible thought I know,my husband was in the iva with me and completed at the same time. He applied for ppi with Barclaycard which was in the iva,he was awarded 550 but they sent a cheque to the iva company saying he's not entitled to a penny.
Before the IVA was completed the company ran ppi checks on all accounts and kept what was awarded so we are a bit baffled as to why this payment was sent to the iva company and not us.

Thanks for your help.
Debbie

Lisa Thomas

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Post by Lisa Thomas » Tue Apr 17, 2018 10:11 am
Any assets that become due and are received after your IVA has closed are yours to keep.
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk

Foggy

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Post by Foggy » Tue Apr 17, 2018 10:17 am
deborah180 wrote:
Foggy wrote:
When did your mum pass ? If it was after the issue of the certificate than it is of no concern to youir former IP or creditors.
She hasn't died tho my died dad passed in Feb this year so just planning ahead. Terrible thought I know,my husband was in the iva with me and completed at the same time. He applied for ppi with Barclaycard which was in the iva,he was awarded 550 but they sent a cheque to the iva company saying he's not entitled to a penny.
Before the IVA was completed the company ran ppi checks on all accounts and kept what was awarded so we are a bit baffled as to why this payment was sent to the iva company and not us.

Thanks for your help.
Debbie

My apologies ... but good that she is still here! PPI is treated differently as it existed during the IVA, although unclaimed at that time. An inheritance only becomes yours when the bnefactor passes away ... if that is after completion it is of no concern to your IP / creditors.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Visit my blog here : http://foggy.blogs.iva.co.uk/

deborah180

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Post by deborah180 » Tue Apr 17, 2018 11:46 am
deborah180 wrote:
Foggy wrote:
When did your mum pass ? If it was after the issue of the certificate than it is of no concern to youir former IP or creditors.
She hasn't died tho my died dad passed in Feb this year so just planning ahead. Terrible thought I know,my husband was in the iva with me and completed at the same time. He applied for ppi with Barclaycard which was in the iva,he was awarded 550 but they sent a cheque to the iva company saying he's not entitled to a penny.
Before the IVA was completed the company ran ppi checks on all accounts and kept what was awarded so we are a bit baffled as to why this payment was sent to the iva company and not us.

Thanks for your help.
Debbie
Thanks Foggy,
My hubby phoned the IP advisor tho it was initially set up through the Kingsgate that went bust so it continued through another company. The woman said that what ever money we come into they can keep until we've paid 100p in the pound which is harsh when we used previous inheritance to pay a full and final settlement.
Could there be a clause in the agreement we knew nothing about. We can accept that Barclaycard paid them but really will be penalised for years to come.
We choose IVA because it showed we had made some effect in giving some back rather declare bankruptcy.
Thanks again
Debbie

Foggy

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Post by Foggy » Tue Apr 17, 2018 11:54 am
deborah180 wrote:
deborah180 wrote:
Foggy wrote:
When did your mum pass ? If it was after the issue of the certificate than it is of no concern to youir former IP or creditors.
She hasn't died tho my died dad passed in Feb this year so just planning ahead. Terrible thought I know,my husband was in the iva with me and completed at the same time. He applied for ppi with Barclaycard which was in the iva,he was awarded 550 but they sent a cheque to the iva company saying he's not entitled to a penny.
Before the IVA was completed the company ran ppi checks on all accounts and kept what was awarded so we are a bit baffled as to why this payment was sent to the iva company and not us.

Thanks for your help.
Debbie
Thanks Foggy,
My hubby phoned the IP advisor tho it was initially set up through the Kingsgate that went bust so it continued through another company. The woman said that what ever money we come into they can keep until we've paid 100p in the pound which is harsh when we used previous inheritance to pay a full and final settlement.
Could there be a clause in the agreement we knew nothing about. We can accept that Barclaycard paid them but really will be penalised for years to come.
We choose IVA because it showed we had made some effect in giving some back rather declare bankruptcy.
Thanks again
Debbie
The IP advisor is wrong, assuming you have the usual (pretty much standard) clauses. PPI is payable into the arrangement after completion, but inheritances are not.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Visit my blog here : http://foggy.blogs.iva.co.uk/

Lisa Thomas

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Post by Lisa Thomas » Tue Apr 17, 2018 12:06 pm
That statement would be correct if the IVA was still open but you say it has completed.
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk

deborah180

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Post by deborah180 » Tue Apr 17, 2018 12:14 pm
Lisa Thomas wrote:
That statement would be correct if the IVA was still open but you say it has completed.
Thanks very much Lisa,
It was completed last year and we have out certificate of completion.
Feel much better .
Many Thanks
Debbie

Dean123

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Post by Dean123 » Wed Jan 30, 2019 11:57 am
Hi guys.

Is the date of death used as the inheritance date, or is it the date one actually receives any money?

In my case my father passed away on 22nd January and I am due to make my last IVA payment on 1st February.

I will therefore hopefully receive my completion certificate between 29th March and 26th April (8-12 weeks after final payment).

My question is, as probate will likely take longer than that to sort out (there was no will), will I be ok to keep any inheritance so long as it's not paid to me until AFTER I receive my completion certificate?

Or do they just take the date of death, and as that was before my completion I don't get to keep it?

Thanks in advance.
Dean

Foggy

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Post by Foggy » Wed Jan 30, 2019 12:02 pm
Dean123 wrote:
Hi guys.

Is the date of death used as the inheritance date, or is it the date one actually receives any money?

In my case my father passed away on 22nd January and I am due to make my last IVA payment on 1st February.

I will therefore hopefully receive my completion certificate between 29th March and 26th April (8-12 weeks after final payment).

My question is, as probate will likely take longer than that to sort out (there was no will), will I be ok to keep any inheritance so long as it's not paid to me until AFTER I receive my completion certificate?

Or do they just take the date of death, and as that was before my completion I don't get to keep it?

Thanks in advance.
Dean

Hi Dean, Sorry for your loss. Unfortunately it is the date of death that they use (incorrectly in my opinion -- but that is what the regulations say).
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Visit my blog here : http://foggy.blogs.iva.co.uk/

Dean123

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Joined: Wed Jan 30, 2019 11:52 am

Post by Dean123 » Wed Jan 30, 2019 12:14 pm
Thanks for the reply. That's pretty much my worst fears realised as it could be that I don't end up with a penny from my father's inheritance despite the fact my last IVA payment is in 2 days.

:cry:

Dean123

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Post by Dean123 » Wed Jan 30, 2019 2:42 pm
Is there any way around this?

Someone said I could apply for a variation of the will (even though there is no will) to effectively refuse my share of the inheritance. In which case the full inheritance would go to my sister who could then maybe gift me a gift further down the line?

Whilst I realise this is completely dishonest and a lot of you may well castigate me for even contemplating it, you have to appreciate this has come at a bitter blow given that I was just 2 days away from my final IVA payment and the thought of losing all my fathers money is gutting.

My other thought was how does the IP even find out that I've had a windfall? if I just kept quiet, would they ever know (given that the actual money won't be in my account until after I've had my IVA Completion letter).

Sorry i know this all seems very underhand but i'm just distraught at the thought of not getting anything from my fathers estate.

Foggy

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Post by Foggy » Wed Jan 30, 2019 2:55 pm
Dean123 wrote:
Is there any way around this?

Someone said I could apply for a variation of the will (even though there is no will) to effectively refuse my share of the inheritance. In which case the full inheritance would go to my sister who could then maybe gift me a gift further down the line?

Whilst I realise this is completely dishonest and a lot of you may well castigate me for even contemplating it, you have to appreciate this has come at a bitter blow given that I was just 2 days away from my final IVA payment and the thought of losing all my fathers money is gutting.

My other thought was how does the IP even find out that I've had a windfall? if I just kept quiet, would they ever know (given that the actual money won't be in my account until after I've had my IVA Completion letter).

Sorry i know this all seems very underhand but i'm just distraught at the thought of not getting anything from my fathers estate.
I have only dealt with estates with a will, so do not know the ins and outs of seeking letters of administration and namimng beneficiaries, but, as I understand it, the law deems who will benefit according to their reltionship to the deceased --- that is what the creditors would expect and could challenge any attempt to change this now.

As to how the IP will find out ..... he / she might never know and would have no reason to look, to be honest. However, executors to a will have to carry out insolvency checks on beneficiaries and, I imagine, this duty will also fall to those appointed under probate to deal with the estate. Again, I am guessing, this aspect is not really looked into, providing all goes unchallenged with the distribution --- however, if discovered, it is an offence to incorrectly administer an estate and could leave the executors open to action.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Visit my blog here : http://foggy.blogs.iva.co.uk/
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