Nightmare, please help!

Ashleigh2003

I would really appreciate any help/advise.

We are due to have the meeting with the IP and creditors on the 19th March as to whether they will accept my partner on an IVA or not.

Please don't think me cold hearted - tragically my father in law passed away last night, which we are just devastated about - he always said you can have my money when I'm gone... we just didn't want him to go

But panicking, as I do, I have now thought I need to cancel the meeting on the 19th? What do I do? Our heads are all over the place...

Horseunderwater

Hi
Suggest that you go ahead with the IVA meeting as it will take a little time for probate to be granted to your FIL 's estate. Can take up to 6 months. This needs to be explained to IVA people. It is not a quick fix solution unfortunately.
Is your OH the only benficiary of his fathers estate? Rule of thumb is any debts accrued prior to death and because of death have to be fully settled by the estate before any residue monies can be paid out to beneficiaries. Get this right now and it will save a load of problems later.

Ashleigh2003

The beneficiaries will be my OH and his sister. There will be enough money left to pay our debts.. whilst I know probate could take a while - would it not be better to start paying our debtors again and then pay them off once everything is sorted rather than being tied into an IVA for 6yrs?

FoggyBrain_2

Sorry to hear of your loss. Once you are in an IVA any inheritance will be payable into it, up to the value of the full debt plus IP's fees.

Might I ask how much you owe and how much it is anticipated your OH will inherit ? Of course, until the Will is approved and read, you won't know for certain if anything is coming your way at all.

Putting aside the IVA for the moment, will this sum allow you to either pay off your debts, or at least make them manageable for the time being?

FoggyBrain_2

Sorry, Ashleigh -- you beat me to it.

If I were in your situation I would personally contact each of my creditors, offering token payments until such time as the estate is distributed .... but do discuss this with your IP first.

Don't think of it as a waste of an inheritance ... more the gift of a new start.

Ashleigh2003

Hi all

Thank you for replies.. We owe about £40k, we know how the will is divided and we will receive in excess of this amount via a apartment that will be worth about £75k

So confused and numb right now

FoggyBrain_2

To be honest, Ashleigh, you and your OH shouldn't be rushing into anything at the moment, especially making momentous decisions. Take some time to get your heads around your loss first.

Ashleigh2003

Thank you Foggybrain.. you are right, just spun out with the shock I think.. and trying to think of practical things to help.. also have the 19th looming and don't know which way to jump

FoggyBrain_2

Out of interest which firm are you with ?

RuthnJasper

Ashleigh, sweetie, I'm EVER so sorry to hear of your loss. You are NOT, in any way, cold hearted - you are simply doing the best that you can in an unhappy situation, and no-one can expect anything else of you. Please don't beat yourself up.

As others here have suggested (and I'm speaking as a person who has been in an IVA for a few years now, during which I've suffered traumatic bereavements and a subsequent nervous breakdown) - I think you should keep your appointment on the 19th; whatever unforeseen situations may or may NOT develop as a result of your unfortunate loss, your keeping the appointment will demonstrate a level of commitment towards dealing with your financial problems. The main thing (in ANY circumstance) when dealing with a reputable IVA company (assuming that the company with which your appointment has been made is one of those approved by the CAB, CCCS or on here and not one of those who advertise via text-message/spam email, etc.) is to be honest and open at all times. If they are a decent IVA provider they will understand.

If you have ANY doubts, and please do heed what FoggyBrain says here, check with your local CAB first - http://www.citizensadvice.org.uk/index/getadvice.htm?txt_search=Enter+a+postcode+or+place&x=44&y=6 - if THEY advise you to cancel the appointment and make token payments until the will is settled, then all well and good.

In the meantime, plan a good send-off for your Father-in-Law with thanks, respect, and a celebration of his life and the memories he left with you, your OH and OH's sister.

Good luck to you and your family at what I know must be an incredibly tough time. xxx