Scimi - the way I look at it, if and when my dad passes, I am still in my IVA the inheritance will pay off my debts in full and free me from the IVA. I still benefit from not having to pay crippling interest and enjoying respite from my creditors in the meantime.
I will not look at it as a wasted inheritance as, for one thing the money would have gone to debts in any case ( plus interest) and my Dad's legacy would be giving me debt freedom and peace thereafter ---- a valuable gift.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Scimi wrote:
Yes you would pay them. If you were clear and free then it's almost 100% you would. If you could no doubt you would pay to a manageable limit and reduce your payments. I am sure you would by yourself something as well. However, circumstances are different now. Your in an IVA. No matter what you pay in it wont change what you owe or payments? That is unless you can get a F&F. I think if I had £25k and got £20k left to me. Didnt get an F&F had to hand it over and then carry on for another 5 years??? Lets just say I would be a little bitter!! I would rather have a drink bought for me and carry on my long road to recovery instead! I am sure I would be a lot happier in my journey. Only my opinion of course.
Scimi -- in the scenario above if that £25k was your total debt, handing over the £20k inheritance would leave £5k debt -- once your IVA payments covered this the IVA would end -- you would not be stuck until the bitter end.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Totally understand and in the circumstances you describe then I would have to agree. ALthough each inheritance situation is different and the amounts concerned can vary. I suppose all I am saying is judge what you may or may not get and perhaps explain your situ before hand and let them make there minds up? If or when you should receive your money?
I could argue the fact that I am not trust worthy to receive anything at the moment until I have learned the art of budgeting better. Could the money be left in trust for the time when I have learnt my lesson and I am free of debt?? Just a thought??
If you are entering an IVA and there is a chance a relative might die and leave you a legacy during the ensuing 5 years or so, it is possible to have a word ( depending on how close you are and how much they know about your situation ) with the relative in question and ask them to alter the will so that another (trusted) relative is left your share to hold until the IVA has finished.
This approach has been discussed on here before. However, such an arrangment must be on trust (with a small T). If you set up a Trust (with a capital T) it will be captured by the IVA.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
