Dividing up the estate: Brother with IVA

Sacredcat

In my friend's situation, I think the credit card co sold the debt to a third party co, which operated the IVA, and yes, I think it allowed the debtor to agree to pay a % part off In Settlement of all the former debt.
Maybe the brother should read his IVA agreement and see what it says about when he has to report changes.

As long as the brother sticks to his IVA Agreement (a contract), and the Exec does the bankruptcy searches, I don't see that there is fraud or conspiracy.

Yorkshireman99

Sacredcat wrote: »

In my friend's situation, I think the credit card co sold the debt to a third party co, which operated the IVA, and yes, I think it allowed the debtor to agree to pay a % part off In Settlement of all the former debt.
Maybe the brother should read his IVA agreement and see what it says about when he has to report changes.

As long as the brother sticks to his IVA Agreement (a contract), and the Exec does the bankruptcy searches, I don't see that there is fraud or conspiracy.

The OP was suggesting postponing payment until the IVA had been completed. It is difficult to see any other reason but to prevent the legacy being used in the IVA. If the brother discloses his windfall in accordance with the IVA rules then that would be OK. The executor needs to be very cautious and behave with strict propriety.

Sacredcat

Agree it's better to be cautious about this.

Sorry to hijack thread a bit, but, a beneficiary in the estate I am administering had a Career Development Loan, about ten years ago, and I know it wasn't repaid. I did a free bankruptcy check online (government site) in UK, and nothing came up. But I'm concerned. I will do more bankruptcy searches prior to distribution, including in Europe because the beneficiary lives there now. Don't know what else to do.

Yorkshireman99

Sacredcat wrote: »

Agree it's better to be cautious about this.

Sorry to hijack thread a bit, but, a beneficiary in the estate I am administering had a Career Development Loan, about ten years ago, and I know it wasn't repaid. I did a free bankruptcy check online (government site) in UK, and nothing came up. But I'm concerned. I will do more bankruptcy searches prior to distribution, including in Europe because the beneficiary lives there now. Don't know what else to do.

Tricky. You might want to get some paid for advice. If you do it would be interesting to know what the answer is!