Morning, I am slightly confused and emotional this morning. My father passed away last year, and I have received a payment from his estate this morning, which is bitter sweet really. I have just phoned DFD with whom we have the I
VA. It is a jopint IVA with my husband, and we know owe a total of 46,482, and have been paying nearly 100 pence in the pound. My pay out from my fathers estate is 45,000, and it appears that they would maybe accept this as a settlement. I thought naively that as it was my windfall, and not my husbands they would not expect all of the money. Would it be sensible to offer a lower amount as settlement? From a slightly confused and emotional member.
I am sorry to hear about your father but the money is effectively a windfall and you will be expected to repay your debts in full plus fees and possibly statutory interest. You would need to speak to DFD and Declan from there posts on here.
Contact him for some advice and his details are on the experts page.
Hi Keith
I too am very sorry to hear about your father and I will help as best I can. Michael is correct in that it will be classed as a windfall. I am more then happy to look into this for you further. If you drop me an email with your details on it I will ensure this gets look at immediately. My email address can be found in my profile under the experts section.
Hi Melanie
Thanks very much for your helpful post. I will have to phone DFD back, as they told me on the phone that it made no difference, and that the windfall would count towards my husbands debt as well. We both totally understand that we are to pay our debts off, which is why we went for an IVA in the first place and not bankruptcy!! We have no assets and rent,so this would have maybe been the best solution. But as I say we wanted to pay our way, and pay near to 100pence in the pound. Would it be sensible to propose to pay my debt off, along with the joint,and then my husband could continue with the other part of the IVA, which is what he would like to do. Dont want all of my dads hard earned money to pay off all our stupidy if you know what I mean. Not ready to speak to DFD again as yet, as I feel that I cant trust them any more, and we have had a few problems with them in past, telling us one thing and then changing their mind. Sorry to ramble on, but not sure of the next step really
Many, many thans
I am sure that Declan will probably want to help you resolve this too, and can perhaps explain why his firm would view this as a windfall in both estates. Declan??
Hi All
Apologies for the delay in responding to this.
I have spoken with several of our Insolvency Practitioners regarding this and the standard way that DFD deals with joint cases is set out in Para 1.7 of the debtor's proposal i.e. that, prior to the arrangement, the two debtors have shared all their income and dealt with their assets and liabilities jointly and the arrangement has therefore is administered on the same basis i.e. Contribution, assets and the creditors are pooled.
Therefore any windfall received is caught by Para 2.10 of the proposal and is available to discharge the liabilities of both debtors.
Keith – I apologise if you feel our service hasn’t ben what you would expect and I would urge you to email me directly (my email address can be found listed in my profile under the experts section) and I will ensure we help resolve this matter effectively.
