Interlocking ivas and after acquired assets

MarkSim_2

Hi, can anyone help with this or signpost me anywhere?
My wife and i are in year five of our iva. Our son has a uni place and we are expected to contribute  5k of his maintenance award. As we are in an iva we can't do that. The IP treats our son as non dependant, Student  finance england treat him as dependant. Seems unfair on him, he is not responsible for our debts

However, my wife will shortly receive an inheritence. It will be sufficient to cover 100% of her original debt plus fees. I can see no mention of statutory interest on our IVA agreement, which is the standard protocol for the time (2020). It would also leave her enough to make a contribution to our sons living expenses.

My question is,  would an after acquired asset, which I what I believe an inheritence is classed as,  in my wife's name, it's not mine, be taken to contribute to my iva also after hers is paid off? It's sufficient to cover her original debt and fees,  but not mine aswell. Our IVAs are individual (obviously) with two separate payments, but based on  a joint i&e.

I appreciate the obvious answer is contact your ip, but the nhertiance is not received yet, there may be other claims on the estate. Also our ip has given incorrect answers previously in response to how additional earnings should be treat, so I would like a qualified second opinion in any event.

I'm not trying to be greedy here, just want to contribute to our sons uni living expenses, as the government expects us to, but the IVA protocol does not recognise or therefore allow.

Any informed advice or signposting greatly appreciated.

M

sourcrates

Her inheritance, not yours, after acquired assets only apply in bankruptcy.

In an IVA its classed as a windfall, again, her windfall, and not yours.

Hope that helps.

Brie

And it isn't her inheritance until she receives it.  And we all know (I think) that these things can take time.  Your son might be finished uni before she gets anything.  

MarkSim_2

sourcrates said:

Her inheritance, not yours, after acquired assets only apply in bankruptcy.

In an IVA its classed as a windfall, again, her windfall, and not yours.

Hope that helps.

Hi. Thanks for replying. Tuays what ibthought  but I can see that there is an "After acquired assets " clause in section 1.4 in her (and mine) iva proposal which is the standard terms, 2016 revision. But it looked to me as if because its hers and she can cover all the debt and fees that the rest could be retained.  I just wanted to put it out here to see if others agreed so thank you again for taking the time to respond I was just worried that as its money, it could also be classed as household income, 

MarkSim_2

Brie said:

And it isn't her inheritance until she receives it.  And we all know (I think) that these things can take time.  Your son might be finished uni before she gets anything.  

Hi thanks for taking the time to respond. Yes that's true, that's why i can't and wouldn't want to ask my ip. She did get notice yesterday from  her solicitor that there are no further claims on the estate so the process is nearing completion, but yes, until we have it  we don't have it so to speak. We just want to be as prepared as possible. Our IP halls given incorrect information before, I expect them to do so this time so I'm trying to do as much research as possible

Thanks again.