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Iva after death - what happens to the debts
Hi I was wondering if anyone cold give me some advice. My Father sadly died this year (April), He had an IVA (Joint with my mother). Because of his death the IVA has now failed.
What happens to the unpaid debt? Unfortunaltey for my mother, my father dealt with all the finances so she hasn't got a clue. The IVA was dissolved in September and she has just recieved her first letter demanding payment of a debt. (Debt was in my fathers name and was not a joint debt)
My father did not have a will, they don't own a home as they were renting, and the only insurance plan he had was an over 50 plan that just about covered his funeral costs, and there is no savings as they were in an IVA.
I believe that the joint debts that they had prior to the IVa will now have to be taken on by my mother, what happens to the rest of them and how do I go about getting them of my mothers back.
Would be grateful for any advice
Many thanks
What happens to the unpaid debt? Unfortunaltey for my mother, my father dealt with all the finances so she hasn't got a clue. The IVA was dissolved in September and she has just recieved her first letter demanding payment of a debt. (Debt was in my fathers name and was not a joint debt)
My father did not have a will, they don't own a home as they were renting, and the only insurance plan he had was an over 50 plan that just about covered his funeral costs, and there is no savings as they were in an IVA.
I believe that the joint debts that they had prior to the IVa will now have to be taken on by my mother, what happens to the rest of them and how do I go about getting them of my mothers back.
Would be grateful for any advice
Many thanks
0
Comments
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Joint debts would still be owed by your mother.
Debts in her husbands sole name would be written off.
How much are we taking about in her sole name?
She may well be better now going bankrupt or getting a DRO?Free/impartial debt advice: National Debtline | StepChange Debt Charity | Find your local CAB
IVA & fee charging DMP companies: Profits from misery, motivated ONLY by greed0 -
Morning,
Firstly, I am so very sorry to hear of your Fathers death. My thoughts are with you.
Secondly, I'd urge you to get in touch with your Local Council Money Advisor. I found ours by searching on our local council's website for housing solutions (as at the time we thought we were 4 weeks off being made homeless which thank the Lord didn't happen).
They put us in touch with their Money Advisor (who bless him is the reason we are now not losing our house).
The service is free, they are a huge help with Financial Matters (for example we are now two thirds of the way there to organising our own IVA due to him).
If this doesn't help try the local CAB too.
Good luck with it allWhen looking at the climb in front of you, don't forget to look back once in a while and see how far you have come:j
and remember...
All the worrying in the world won't change anything...so breathe:beer:0 -
Im so sorry for your loss - Its only just over 2 years since mine passed away, and I know its a huge thing to deal with.
as for the debts and IVA - they would have had two seperate IVAs running concurrent (if what I understand about IVAs is right) - you really need to speak to your fathers IP about things - when I was in mine, if I died during the course of it, the whole amount was written off after the payments Id made, so it would be worth checking what happens there...
good luck with this xDo not meddle in the affairs of dragons, for you are crunchy and taste good with ketchup0
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