www.iva.co.uk

my sister and i have both got IVA's and have both recently received inheritance from our dad. Mine, i have put forward to a full and final but my sister is saying that she will not give hers up .She has only has afew months to go and i worry that she will be caught out and her IVA fail and she will be made bankcrupt.What are your thoughts ,how can i persuade her to do what she should

You can only advise your sister - if she chooses to not disclose this then that is up to her.

As jan says it's up to her. Hopefully she'll realise what is the right thing to do and contact her IP x

Hi

I presume you are with different companies ?

Regards

Your sister has a few potential problems here: Wills are a matter of public record (although in all proababilty, unless alerted, the IP wouldn't check). If you have the same company, or even an unusual surname (assuming she is unmarried) the link might be made.

There is also every chance that, if it isn't discovered by the final review, your sister will be required to sign a declaration, confirming she has not recieved any windfalls. Covering up the inheritance here could be construed as fraud. If the inheritance comes to light after this the consequences could be serious if the IP and / or creditors are so minded.

Finally, I would caution that these things do have a habit of coming to light, one way or another.

With all of this in mind, it is up to your sister's conscience and strength of will.

If your IP discovers this - then she will be in default for failing to disclose the windfall. This happened with one of my clients a couple of years ago, and I was tipped off anonymously by a family member. Once he had finally admitted that he has received the inheritance, after I explained that it would be relatively easy to trace and prove my claim, it resulted in creditors getting paid in full with statutory interest - but I would have made him bankrupt had he continued to fail to co-operate with me.

thanks for your comments and i shall be talking to her sternly to try and see reason .
We are both with the same company but as names go we are both married so are both different but not unusual.
Fingers crossed i can get her to re consider. Maybe being done for fraud may help persuade her.

thanks for your comments and i shall be talking to her sternly to try and see reason .
We are both with the same company but as names go we are both married so are both different but not unusual.
Fingers crossed i can get her to re consider. Maybe being done for fraud may help persuade her.

I hope she sees sense Helly.

If the estate was adminstered by a solicitor then before paying out the money they should have asked the question if anyone was under a bankruptcy or insolvency order - I was asked to sign paperwork to confirm this one way or other, and then the payment was made directly from the solicitor to the IVA company.

There is no point in trying to hide this - as others have said things have a habit of coming out and your sister needs to be upfront and honest.

I hope she wil listen to you and have a chat with her IP x

Luluj i had mentioned to the solicitor about Iva's he didnt ask the question but didnt have to sign anything he just said it was down to us to contact who ever.

You can't do any more than you have - she needs to be honest with herself or be prepared to take the consequences which could have some real long lasting affects !

I hope she sees some sense Helly.

despite been told you have to declare inheritances im not sure had it come to the crunch that i would have been happy to declare either its a difficult situation and i understand why she doesnt want to give it up .after all that probably not what it was given to her for .how long has she got left?