We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
IVA Help, partner died during IVA
Can someone tells me what happens to an IVA once a person dies please? My brother and partner both had IVAs. The IVAs included 2 joint loans and the rest individual loans, credit cards etc. Sadly my brother passed away. He had a life ins policy payable to his partner along with a company pension and death in service payment also payable to his partner. Now would she have to make a F&F payment in respect of her individual debts along with the joint debt. Also what would happen to my deceased brothers debt? There is currently no equity in the house or other assets of his, but his partner will look to pay off the mortgage in time but am I right in thinking she should wait for the IVA in my brothers name to be written off before doing so as surely this would release lots of equity and therefore be classed as an asset in my brothers estate?? Thanks in advance.
0
Comments
-
how much are the payouts in relation to the debts they have, can they pay all their debts?Hi, im Debtinfo, i am an ex insolvency examiner and over the years have personally dealt with thousands of bankruptcy cases.
Please note that any views i put forth are not those of my former employer The Insolvency Service and do not constitute professional advice, you should always seek professional advice before entering insolvency proceedings.0 -
If it's like the wording in my IVA then the insurance payout would be used to pay the IVA in full ie £1 in the £1 plus charges.
Sorry for your loss
0
This discussion has been closed.
Categories
- All Categories
- 347.2K Banking & Borrowing
- 251.6K Reduce Debt & Boost Income
- 451.8K Spending & Discounts
- 239.4K Work, Benefits & Business
- 615.3K Mortgages, Homes & Bills
- 175.1K Life & Family
- 252.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 15.1K Coronavirus Support Boards