Inheritance

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chris25

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Post by chris25 » Sun Apr 06, 2008 4:42 pm
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Please could anyone advise me. My nan has left me 1k in her will and I will recieve this within the next month.

Problem is that my mum wants me to give her the money to put away for me but she doesnt know about my IVA. Is there anyway of keeping the money or do I have to tell my IP?
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angela18

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Post by angela18 » Sun Apr 06, 2008 4:55 pm
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Hi Chris and welcome to the forum..

i'm no expert but i'm sure you would have to inform your IP as this may be classed as a windfall.. depending what is in your agreement..

I'm sure melanie will be along, after cardiff game, to advise you properly
Ang.. 13 payments in.. WOW, thats over 20% paid!! http://angela18.blogs.iva.co.uk/ well here we go

if you wish for a rainbow... then you have to put up with the rain xx
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Lisa2009

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Post by Lisa2009 » Sun Apr 06, 2008 4:58 pm
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It would all depend on the wording of your proposal. There is most likely a clause that any inheretance or windfalls have to be declared and paid into your IVA for the benefit of your creditors.
I would check the proposal and speak to your IP.
Last edited by Lisa2009 on Sun Apr 06, 2008 4:58 pm, edited 1 time in total.
http://mrsskint.blogs.iva.co.uk/ 'Our Story'


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joh71262

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Post by joh71262 » Sun Apr 06, 2008 5:20 pm
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I checkedmy proposal today and it has an Inheritance and Windfall clause that states you have to declare it. It doesn't, however, state they can take a fixed %.
There's light at the end of the tunnel - it's just that sometimes the tunnel seems so long.

IVA Complete June 2009
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chris25

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Post by chris25 » Sun Apr 06, 2008 5:36 pm
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Mine says "Any windfall, in excess of £500, received by the debtor must be immediately paid over to the supervisor for the benefit of creditor".
Does this include inheritance and if it does do i keep the first £500?
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aguise

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Post by aguise » Sun Apr 06, 2008 8:09 pm
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Thats what mine says chris and yes it would include inheritance, and yes you would keep the first five hundred pounds.

ang
Please visit my blog at http://aguise.blogs.iva.co.uk/
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MelanieGiles

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Post by MelanieGiles » Sun Apr 06, 2008 8:12 pm
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I am afraid that the money left to you will fall to be dealt with as a windfall, and you are duty bound to tell your IP about the money and hand it over for the benefit of creditors.
Regards, Melanie Giles, Insolvency Practitioner
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