IVA and impact on power of attorney

sufferer

My parents are both in their 90s and my mum is becoming increasing frail & is now showing signs of dementia. My sister and I care for them, cooking , cleaning, bathing etc as we are desperately trying to maintain them both in their own home as long as possible.

We recognise that we are getting close to having to consider putting 'power of attorney' in place around financial matters so that if something happens to one or both of them the other can get get access to the money to live pay bills etc.

Having looked into it we believe the best option is for all 3 children [my brother too] to act a POA but we've picked up that if you are bankrupt you can't do this. Sadly both my sister and I have had c/card debts and IVAs.
I was on a DMP for 6+ years but came into a 'small cash windfall' last year which enabled me to do a 'full and final IVA' - so my debts are now thankfully cleared. I received my IVA certificate last Sept but I realise that this remains on my creidit record for another 5 years.
My sister though is now just coming up to the end of her 5 year IVA but this may extend a further year.
We've not disclosed to any of our family anything about our debts and don't want to raise this with our parents as it would cause too much stress and upset for them when they are so vulnerable

So the question is - will this exempt us from taking on POA for our parents and as it's not bankruptcy will we need to declare it. It gets complicated as our brother is about to start a 3 year job abroad so him taking this on alone would cause difficulties.

Hope this makes sense and someone can help - don't want to have to pay for a solicitors advice re this if we can get an answer though we do appreciate we may need to do this.

Limana68

Its only if you going Bankrupt that you arnt allowed to do POA.

Have a look at https://www.iva.com there are lots of experts on the forum if you want clarification, but someone asked the same question a few wks ago.
L:)