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Posted: Mon Feb 21, 2011 1:55 am
by Fiona.r
what happens if i inheret a sum of money or assets
Posted: Mon Feb 21, 2011 2:02 am
by Broke of London
Hi and welcome! Can you give a few more details? Are you in an iva? How did you come by the sum of money?
Posted: Mon Feb 21, 2011 2:06 am
by Broke of London
Hi - just read your post properly! You would need to disclose the inheritance to your IP. It is due to the creditors as soon as you are aware of your entitlement rather than at the point the assets/ money is transferred to you (tho they obviously don't expect payment until you have it). I'm sorry to hear you're in a situation to be thinking about this x
Posted: Mon Feb 21, 2011 10:28 pm
by stewpots
Fiona.r wrote:
what happens if i inheret a sum of money or assets
Keep it is another answer for a balanced view, usual disclaimers apply
Posted: Mon Feb 21, 2011 11:07 pm
by MelanieGiles
If you follow stewpots' suggestion, then you would be deliberately in breach of your IVA which is something that this forum would never condone.
Posted: Mon Feb 21, 2011 11:11 pm
by carlmcmullen
It would have to be disclosed to your IP, however depending on the amount you inherit it could well be worth discussing with your IP using the money as full and final settlement of your debts and bring your IVA to an early conclusion.
Posted: Mon Feb 21, 2011 11:14 pm
by MelanieGiles
I am not sure I follow the logic on that one Carl. How can you use something that creditors are already entitled to receive to early settle an IVA?
Posted: Tue Feb 22, 2011 6:31 pm
by Foggy
Will only settle early if the inheritance is sufficient to cover the original debt, fees and possible interest.
Posted: Tue Feb 22, 2011 7:59 pm
by MelanieGiles
No need to make an offer of settlement in that case!
Posted: Tue Feb 22, 2011 8:51 pm
by Foggy
True, Mel. I should have used the word "finish" as opposed to "settle" :0)