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What happens if someone under an IVA inherits some money under a Will?

Hi bc and welcome to the forum

Assuming that your IVA proposal provides you to pay over any windfalls, and 99.9% probably do, the money you receive will need to be handed over to your creditors to the extent of discharging all debts, costs and potentially statutory interest in addition. Any surplus monies after paying all of that will be retured to you.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

Another question then Melanie. What happens if say I inherit some money from a will but I dont have an IVA but my husband does?
Would I be expected to contribute to the bills and ultimately reducing my husbands outgoings leaving more DI? Or can I get to keep it all?

Doesn't affect me as this hasn't happened - just wondering.....

Kerri [:)]

You can keep it all - or offer your husband some of it to propose a full and final settlement of his IVA.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

Does the same apply to accident compensation?
If the husband or wife of a person with an IVA was to recieve compensation, is that theirs to keep?

The only things captured as windfalls are assets of the debtor - not the debtor's spouse. This is regardless of the nature of the item received.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

Thank you Melanie
Another question.........If my full and final is rejected and my son is diagnosed with autism, there is a chance my wife could claim DLA for him. Would this be classed as extra income. My wife already contributes to the household from her tax credits award.
Hopefully any extra money could be used for days out etc..to occupy a very difficult child.
My IVA is in my name only

Hi Skint

If the claim is in your wife's name, the income is therefore hers and under bankruptcy proceedings this benefit will not be taken into account in assessing you for an Income Payments Order.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

Thanks once again Melanie, as always your advice is much apreciated.
The social workers have already told her to caim DLA so maybe this may now be a good idea and will go a long way towards helping a very difficult and challenging little boy.