Help with IVA and inheritance

si-e38

Hi guys i need a little advice please.

Im in the process of starting a IVA with my wife.
now it is not started yet and my wife has just had a inheritance come her way im right to understand that any windfall you get is taken by the creditors while you in a IVA.

My problem is this my wife is only in the IVA with me becouse of a joint lone which was my debt alone relly. i will feel really bad if she loses her inheritance becouse of this.

So is there any way i can get around this so my wife gets to keep her money? hold off the IVA and go on a DMP to start with or is there another way to get around this?

Thanks Simon

FoggyBrain_2

A lot will depend upon the figures involved. You can do the IVA alone and your wife will be pursued for the full amount of the joint loan. But ... if the inheritance far exceeds the amount of the joint loan your wife could negotiate a full and final settlement with the creditor and clear that loan. That way any other money left to your wife is hers to do with as she pleases.

si-e38

She is not going to have enough to pay off the lone i think she is going to recive somthing like £5000 but the lone is £13500 and its all my debt really. I feel really bad i dont want he r to have to give this money up because of my stupidity....

FoggyBrain_2

Well -- technically, you aren't bound by an IVA as yet .......... If the money doesn't appear on your bank statements, who's to know? The only danger if it did would be that the creditors would be less than sympathetic to see a large sum received just before entering the IVA. If you have the money available at the start of the IVA there is the thorny problem of having to declare it as a cash asset (which the creditors would then demand).

Of course, if the money was paid to your wife after the iVA started, it would have to be paid over ( even if the inheritance itself pre-dates the IVA.

Might I suggest you pop over to https://www.iva.co.uk and post this question over there ---- several IP's regularly post there and, hopefully, you could get an IP's view on this.