www.iva.co.uk

hi,
i am soon to inherit some money from my late dad's estate and was wondering a couple of things . Do you think i could ask for a variant of the will and have it passed on to my children - one getting married in 7 months and as yet we have been unable to help financially and also as it says in my proposal that funds under £500 are unlikely to be taken can i keep the first £500 ????
I would be interested in what you think although i think i know what you will say lol

Thanks
Helen

Hi, nice to see you again.

Unfortunately, if you are named in the will then I think you will have to keep the inheritance yourself and pay it across to the IVA.

As regards the windfall/inheritance clause, depending upon exactly what it says in your proposal, you may find that you're not able to keep £500 if the inheritance is over that.

Hi. As Jan says, check your wording, but generally it is worded so that any windfall under £500 is yours, if the total windfall is over £500 it all goes to the IVA.

So, £499 you keep it --- £501, it all gets paid in.

thanks i will go have a read !

Hi Hellyp I thought I'd read something about this ages ago so I've looked it up for you it was in the Guardian on 27th November 2007 you can read it online. However as Jan says I don't know if this would be allowed whilst in an IVA so best check it out with your IP. I hope you get all the information you need

Best wishes
Oscar

I'm not sure if that would be allowed under the IVA. If you become a beneficiary whilst in an IVA then any monies due to you will have to be paid across as far as I am aware.