Inheritance..

foulplay13

Well my partner and I are still not BR, our IVA is to be officially failed on 21st July...


Anyway my mother in law is quite ill, my wife is a trustee.


Hypothetical question:

Is there anything my partner can do either before or after BR, to protect her inheritance, or do we really have to give it up??

kazd

Who spent the money that got you into debt. Who had the benefit of the goods you purchased.

Pammybun

Sorry but I think it is a bit rotten to be counting your inheritance before your mother in law passes on. Maybe she has changed her will and left it all to the local cats home!

Basically if you are lucky enough to be given money from another source then it needs to go to your debts. There are a lot of people here who would love to get some money from somewhere to go towards getting a clean slate.

Unfortunately it is kind of tough love ie the debts are your responsibility and you have to make all attempts to pay as much of them off as you can.

One of the main things that I think BR does (or at last should) is to teach you to be very cautious with money and act very carefully and responsibly in the future to avoid getting into the same situation.

Pam

spenderblender

foulplay is your IVA due to be failed in July due to the 3 months payments not being paid or you will receive the certificate?
I only ask as I missed jan, feb and march payments and have still not been officially failed and am waiting for the final letter which should be due which makes it around 7 to 8 months after first missed payment that we may be able to file for BR.
Do not jump the gun with your mum in law. If you must look at it this way at least look at it in a positive way that when the time comes you might be able to pay off all your debts with the inheritance that you think is coming your way.

money_penny_26

well i dont want to be condemed here,an maybe foulplays choice of words were a tad indelicate.however he did ask a feesable question..which some other of our members may come across and need answering.however i notice poor foulplay has gone off line an maybe wont come back to us.who are we to judje his state of mind as to why he asked this question.i do think we could gave answered him more tactfully here,or do we all have to be very carefull of what we ask in future.i am glad i did not get this responce when i was hysterical when i first asked a question. ..yours in respect penny

lisamummytoarchieplusbump

umm why are you all jumping on foulplay this is a valid question that im sure will help others.

i know of people that have asked to be changed in wills while br.

no one knows whats around the corner.

anyway getting back to answering your question

there is such thing as a annullment of br or a fast track iva which if the worst did happen to you mother in law while you was br and you was due an inheritance then if its more than your debts or about the same you can contact your creditors and ask for a full and final settlement and once you pay some fees to the OR you will annull your br. i not sure if every creditor has to agree or the main creditors like a normal iva but maybe worth having a look at incase the worst was to happen.

lisa

So_Sad_Angel

Hi Foulplay....hope you are OK Hun.

Well in answer to your question...if a person is named as beneficiary in a will, & if that will becomes payable during the BR undischarged period, then those monies will be claimable by the OR in repayment, either partially or fully, in order to discharge any outstanding debt position. BR if fully repaid can then be anulled in that situation.

If you are asking for alternatives then anyone can change their will at anytime...that is their right to do so....& theirs alone.

Frequently in my profession I have seen beneficiaries skipping a generation & grandparents naming grandchildern as sole beneficiaries.

Obviously if monies become available to the BR person during the undischarged period...then it is right that they are used to repay the debt incurred by the said debtor...I am sure you will agree of course.

Angiex

Dodger61

Totally agree with So Sad Angel. Valid question and thats what this forum is for. .... Ask away Foulplay

leveller2911

QUOTE:"why are you all jumping on foulplay".

"Foulplay" actually asks "Is there anything my partner can do either before or after BR to protect her inheritance?".......
Surely if the inheritance came through whilst still BR they should pay their debts,I really do think we have the morals of a sewer now in this country, we really are decending into the abyss here.Dont any of you think theres a moral issue here?? you know the sort of thing ,the difference between "right and wrong" .......

Some on here would say "don't be too quick to judge" well I for one will judge when a question like that is posted, there is enough info in it to form an opinion.........

skylight

Right.

My Dad changed his will whilst I was BR; it was re-worded so that all the monies would be left to my children but I would be trustee of that money. He has since changed it back.

If your MIL dies at any point whilst a beneficiary is a BR, then that share of the money will be paid into the BR estate, regardless of when you may receive it. If your MIL passed away the day of discharge onwards then its all yours. It may be better to suggest that her will is changed.

foulplay13

spenderblender wrote: »

foulplay is your IVA due to be failed in July due to the 3 months payments not being paid or you will receive the certificate?
I only ask as I missed jan, feb and march payments and have still not been officially failed and am waiting for the final letter which should be due which makes it around 7 to 8 months after first missed payment that we may be able to file for BR.
Do not jump the gun with your mum in law. If you must look at it this way at least look at it in a positive way that when the time comes you might be able to pay off all your debts with the inheritance that you think is coming your way.

They will fail our IVA, due to my lack of income and we told them to fail it..


Just a reminder of our JOINT position...

We have a mortgage for £158K, now £164K thanks to a repo order/money order at court this week. We are in negative equity of about £35K.

(We voluntarily moved out)


We have joint debts of £68K (about 50/50).



To recap:

I've lost my vehicle, my agency work, my business, my home and I'm currently unemployed and getting very fed up with life.


So we are to kiss the inheritance goodbye, as well.


Life sucks..