HELLO Please HELP i am getting a large sum however i am in IVA 25 November 2015 at 1:17AM edited 30 November -1 at 1:00AM in Bankruptcy & Living With It 2 replies 1.1K views

john786

I am getting a lump sum amount from AVIVA endowment policy after a few years, last year i went into IVA

now i am trying to get my life back on track and with this lump sum i can fix my life, but i am scared as on the application form it states are you in IVA? now if i say yes i know AVIVA will pay the creditors and tbh i will be in the same position all my life?

Please advise me what to do i need this money

John

Flyright

You are required to disclose the fact that you are in an IVA (fund providers will usually check the insolvency register anyway) and you are required to notify your IVA supervisor. Nobody on this forum is going to encourage you to break the law

antrobus

john786 wrote: »

I am getting a lump sum amount from AVIVA endowment policy after a few years, last year i went into IVA....

You are legally required to make a full and honest disclosure of all your assets.

http://www.cleardebt.co.uk/iva/iva-faq/iva-frequently-asked-questions-about-iva-and-assets/

john786 wrote: »

...now i am trying to get my life back on track and with this lump sum i can fix my life, but i am scared as on the application form it states are you in IVA? now if i say yes i know AVIVA will pay the creditors and tbh i will be in the same position all my life?

Please advise me what to do i need this money

John

Remember if you do not tell your creditors that you have a valuable asset when they agree your IVA they could ask the Court to cancel it subsequently.

http://www.cleardebt.co.uk/iva/iva-faq/iva-frequently-asked-questions-about-iva-and-assets/

Flyright wrote: »

.... Nobody on this forum is going to encourage you to break the lawn

Or even the law.:)