I am never likely to have that dilemma Fox, but I doubt I would refuse it if I did. I would treat it the same as if I had received it when I could afford to pay my debts, and I would pay them off.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Me either Jan but I think I will send an e-mail out straight away just in case! I want to pay back as much as possible but I don't want my Aunty Mavis or My Uncle Jack to be the one's to pay, if I was not in an IVA & had normal everyday debt than fair enough but I have not so it is different.
Not sure how this is helping the original poster though!
Never going to happen to me - not got any relatives with any money, including parents who live in a council house!
I'm just thankful they had the foresight to do a prepaid funeral plan!
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Correction - you cannot refuse an inheritance if you are in an IVA. You are obliged to declare the windfall and we then all know what happens next.
To Discojen - I would want to see a copy of the probate certificate, a valuation of the property and confirmation that it was being properly marketed. I would be prepared to wait for the property to be sold - but you mention some cash as well. Did you also receive cash from the estate?
Some people may not want to use the money to pay debts, so it's up to them to tell people not to leave them any.
I have always said that any inheritance or substantial lottery win would be used to pay my debts, and that is regardless of whether or not my IVA is still running.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I don't quite understand what the issue is with receiving an inheritance that could pay off an IVA.
For example.
If you owe 50K and are not in an IVA and you receive a 50K inheritance the first thing you would do is pay of the debt, not spend it. Well, I would hope so anyhow. Net result is zero cash , zero debt.
If you were in IVA with 50K debts and say 50% dividend and in year 3 you get a 50K inheritance it is likely that you would have paid say 15K off the debt so far and say 5K in fees. Assuming no statutory interest 35K will go to pay your debts in full leaving you debt free BUT with 15K in the bank.
Which scenario do you think the deceased person would approve of the most if you were in their will.
Last edited by herbekj on Sat Sep 26, 2009 1:13 pm, edited 1 time in total.
Last Payment - November 2011 - Completion Certificate received 2 weeks after last payment, Removed from Insolvency Register within 4 weeks after last payment.
I think the vast majority of us would use a large sum of money to reduce or pay off, our debts.
I would far rather not have to worry about paying my creditors every month, than fritter it away as I would have done prior to my IVA.
I've learned my lesson the hard way.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I get you Fox, and I have made my feelings quite clear. When I lost my dear Nan, she left me some money and I wanted to use it to buy myself a nice keepsake, something to remember her by, I would have been horrified at having the entire amount taken by my creditors! I dont care that legally thats what you gotta do, I wouldnt have liked it and it would gut me if something happened to one my parents and I had to hand over what they worked hard to build up and leave for my and my sisters futures! However, my thoughts did get me rather a frosty reponse so perhaps keep your thoughts on the matter to yourself
I do wonder being that everybody is so focused to pay back as much as they can and happily would pass over an inheritance, at the end of an IVA most people will have only paid a percentage of their debt back, and even though the remaining debt would be wiped, if you got an inheritance a month after completion, would anyone be offering this to them, as a goodwill gesture for not paying the entire amount back that was originally borrowed? Or would people feel free to spend that money knowing that morally they never paid back what they owed?
Mrs M - doesn't matter when you get the inheritance, be it a month or ten years after completion. The question would be the same.
Once my IVA is completed, that is it as far as I am concerned. If I have money after that, it is mine.
Whilst in my iva I will quite happily pay it across, especially if it means I pay my debts in full.
However, unless I win the lottery it's never going to happen.
It's one of those things that we will have to agree to disagree about.
Discojen, for what it's worth I think you are doing the right thing. Be interesting to see how you get on.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I send him positive vibes every week J! We're still waiting for that big win here as well!
Hope you all (Max and Henry as well) are ok and your mother is still doing ok.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
