Page 1 of 1
Posted: Thu Nov 22, 2007 8:01 pm
by sharon.b
What happens if I die? What happens to the IVA?
Posted: Thu Nov 22, 2007 8:11 pm
by Adam Davies
Hi
Your creditors would claim on your estate
Regards
Andy Davie
IVA.co.uk Spokesperson
About me:
http://www.iva.co.uk/andy_davie_profile.asp
IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp
Posted: Thu Nov 22, 2007 8:26 pm
by Cybus
There ought to be some specific clauses relating to this within the proposal itself.
Death is fittingly known as a terminating event within the R3 Standard Terms and Conditions.
In such instances any funds realised in the arrangement prior to the terminating event should be used for the purposes of the arrangement creditors.
As Andy suggests the creditors would then claim in the estate of the deceased for the balance.
Ultimately the answer to your question would lie in either the proposals or the Standard Terms and Conditions, if they are used. If you are uncertain, please feel free to copy the appropriate paragraphs on here and we'll figure it out.
Tell it like it is.