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BR & Inheritance
Comments
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General question on this subject:
What would happen if someone came into money after being discharged from BR but was still within the 3 year IPA payment plan?
I think that the IPA would be ammended, but I could be wrong on this. I believe that an IPA allows the OR access to any surplus over the 3 years, but if you dont have one when you are discharged the you cant be issued with one... I guess you just hope no-one dies (not that otherwise you would be wanting them to die!)Bankruptcy Supporters Club No.1790 -
The way I understand it (which may be completely wrong
) is that you will be expected to pay a percentage of any income derived from that inheritance as part of your IPA...
e.g. (easy numbers just to explain)
you inherit £100k
invest it in a 10% savings account
means you have to pay a %age of the £10k interest earned.
This was how it was explained to me a while back....
obviously depending on the amount it may well be worthwhile applying to have the BR annulled (I would with the inheritance I quoted)
Edit: just to add... if this money was known about prior to discharge (e.g. the person died during your bankruptcy) then the OR, I think, can claim the full inheritance as part of your "estate":hello:Save a little money each month and at the end of the year you’ll be surprised at how little you have.An eye for an eye only ends up making the whole world blind0 -
Yep, as waspy says. Lesson there is don't invest it if you can help it!BCSC Member 70:j
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The way I understand it (which may be completely wrong) is that you will be expected to pay a percentage of any income derived from that inheritance as part of your IPA...
e.g. (easy numbers just to explain)
you inherit £100k
invest it in a 10% savings account
means you have to pay a %age of the £10k interest earned.
This was how it was explained to me a while back....
So they wouldn't have a claim on the 100k itself in this hypothetical instance - only on the extra additional 'income' gained from the interest of the figure concerned??0 -
That's how I understand it ... unless the lump sum was known about before discharge but not paid til after discharge in which case the OR can have a full stake in it.:hello:Save a little money each month and at the end of the year you’ll be surprised at how little you have.An eye for an eye only ends up making the whole world blind0
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