I doubt any of us would be "happy" with the situation, Orange, I certainly won't be, if it happens! However, that is what I signed up for and is a consequence of being in an IVA. Pre-IVA any inheritance I was given would have been eaten up by debts in any case, and to no effect.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Orange, I have to say I agree with Foggy. No one would be happy about giving up the inheritance but when you sign up to an IVA you know what it involves.
Yes they're definitely in an IVA, I used to feel very annoyed by it but was advised to let them be so I have and so long as I don't think too much I'm ok. It may catch up with them one day x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
I gave up thousands to my IVA in inheritance and saw it as a new start to a completely debt free life paying back exactly what we had spent and quite rightly our creditors were due......I would love to have spent the thousands of pounds on me and hubby and our new home....but at the end of the day the IVA was such a good opportunity to set us free again I whole went with it and am so so pleased !!!!
Absolutely no point in deceiving your IP or yourself - pay what is due and be done ! You will be your own person again !
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
Im due an inheritence (dont know how much yet)and will be paying it into my iva. But due to paying it over i cant afford to live in my cold house with no central heating and work needed to house i will have to sell up and pay my share of house to iva. So my concience is clear i am worse of declaring my inheritence. But each to their own.
I agree with Foggy. Speak to your IP about your inheritance, Wickerwish. I got some backpay at the beginning of my IVA and my IP let me use most of it to buy a new boiler - I just had to provide receipt to confirm that is what I had spent the money on.
I do think that this is something to be sorted with the IP personally.
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 think an inheritance will be dealt with differently to back pay.
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
Back pay is work income related and so, I imagine will be dealt with under the 10/50/50 clause. An inheritance is not work income related and will be swallowed up in toto (up to the usual limits).
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
she can do as she sees fit after all she is a grown woman.i wont be the one losing sleep. My dad has enabled me and my husband to finish our IVA,s and we will be able to do many things we've not done for a long time, pub meal,trip to the seaside and i shall be thinking of my dad everytime.Swap it all to have my dad back .
