Advice please about inheritance from my father. I would like to know where I stand. I am currently in an IVA and worried that I will need to sell the house and make myself homeless to pay off the IVA.
An inheritance during the life of the IVA would be treated as a windfall and payable into the pot. I know that in the situation where you have a home and inherit another it generally has to be sold to release the equity. I would hope that an IP would take a different view of what is, after all, your home. But, I am afraid, only your IP can enlighten you as to which way they will jump!
Have you already inherited, or just thinking ahead ?
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
The IP cannot exercise discretion over such a substantial matter - the only people who can direct on this are your creditors themselves - and it may be unlikely that they would ignore the inheritance simply to keep you in that property - when presumably you could sell and then rent.
