This is very interesting as i need to do a POA for my son next year when he turns 16.
He has special needs & isn't mentally capable so the health & welfare lasting POA will be ok to do but i also will need to do a Property & Financial lasting POA as well.
How will i be able to get around this as I'm in an IVA ?.
IVA's may be ok, most say bankrupsy, but i was advised 'anyone on the insolvency register', so im a little unlear, we dropped plans for now until my completion comes through!
IVA completion and certificate received 08/10/2012!!!
I rang to solicitor for advice, apparat fly yes it is a problem.
She said that a POA has to be someone in complete financial trust so she recommended we put 2 ppl down but jointly, so if iva u can still do it - as it happens we r doing it with my in laws they are of sound mind but want it all in place for hopefully yrs down the line if and when required as ad nightmare with elderly parent. Solicitor said 3 yrs left on iva so hopefully won't even need to look at poa but will b ok if either I am named 1st ( hubby has iva) or we r joint poa ( you usually hv 1 and 1 reserve).
I only thought this may b a prob when we signed forms & saw it said u cant do it if bankrupt so was on my mind had to suss it out. If 1 good thing has come from this my hubby has had to confess all to his mother - she's now talking about offering f&f.
I don't see why an IVA would affect the granting of a power of attorney. When you are in an IVA your debts are contractually under control and being repaid, which is far different to bankruptcy where you actually have no debts at all - therefore where are the risks to anyone under either scenario?
