Hypothetical Situation ....

FoggyBrain_2

OK --- hopefully this situation will never arise, but .....

If a person is a couple of years into an IVA and a relative dies, leaving a house as part of the estate, in which this person in IVA has a potential share:

When is the person deemed to be in receipt of his / her share of the estate ? I am thinking estates generally take a while to wind up. If the "share" of the estate isn't released to the beneficiary until after the IVA has come to it's natural conclusion, will it be retrospectively clawed back?

This also raises the question: How do the creditors get to know of such things ? Of course, I realise it is incumbant upon the person in IVA to inform the IP, but if this is overlooked ......??

FoggyBrain_2

Anybody ???

Brookvale

I have an IVA and my experience of things such as them finding out about money coming in is that they don't really know.

I have 2 years to go, which would have been less if it were not for me taking 12 months agreed payment holiday out due to loss of job.

When my annual review come about I always nurse the figures to keep my payment at £350, even when I can afford to pay a little more. They never ask for my bank statements to prove my outgoings. They always go off my wages via P60.

My advice would be to keep it quiet

FoggyBrain_2

Cheers Brookvale. As I say, hopefully the situation will never arise.