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Post IVA windfall
Hi Everyone,
My partner recently completed her IVA after borrowing some money from her parents to make a new offer to the creditors. This reduced offer was accepted by them and she has now received her completion certificate from her IP.
She has also recently inherited a share of a property from a deceased relative. She is now worried that the creditors will claim more from her once the property is sold.
Thus my question is:
Do the creditors have any legal right to claim some/all of the windfall despite the IVA being completed?
Thanks.
My partner recently completed her IVA after borrowing some money from her parents to make a new offer to the creditors. This reduced offer was accepted by them and she has now received her completion certificate from her IP.
She has also recently inherited a share of a property from a deceased relative. She is now worried that the creditors will claim more from her once the property is sold.
Thus my question is:
Do the creditors have any legal right to claim some/all of the windfall despite the IVA being completed?
Thanks.
0
Comments
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Did she know of the inheritance before the completion certificate was issued ? If not and the IVA was concluded in accordance with its terms, then, after the completion certificate is issued, as far as I am aware, that is the end of the matter.
If, however, she was aware of the inheritance and signed a no windfall statement, it could be a different matter.
That said, the creditors certainly won't be checking and the IP has decalred that he has no further involvement in the case, so I doubt he / she will be checking either.0 -
Thanks for your reply
The inheritance did come through before the certificate yes. However it was after the creditors accepted the new offer.
But i guess that last part will not matter will it, as the IVA wasn't completed at that point.0 -
This might be a question to put to an IP over on https://www.iva.co.uk It would be interesting to see what their take on it is. I am not sure whether the IP can back track once the certificate is issued.
Technically the inheritance should have been declared at the time, as you so rightly say -- the certificate wasn't issued, therefore it should have been captured as a windfall.0
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