Stressed and scared

beeteecee

Hello,

My IVA officially failed on 04/03/26.

My dad died this week.

My dad's 'estate' if such a thing exists will be a sizeable amount but it won't be enough to clear my debts.

I don't know what I should do. I am hoping to go bankrupt soon but if I do…I imagine anything my dad leaves to me will be gone, nothing I can hand down to my children and everyone in my family will know about my financial situation and that feels worse than dying myself to be honest…I should be mourning my dad but I'm just terrified about what happens next.

This isn't about wanting fancy things or showing off wealth or anything, it's about feeling even more of a failure and just absolutely awful.

MasterG83

Hi, I'm so sorry to hear about your dad, I lost mine in January after declining with Dementia. I still think about the nice memories and often sit and contemplate those, remembering those times.

I would suggest you are not in a great position to make major financial decisions right now, experts recommend 6 months after losing a loved one before you can make sound judgements.

Take a look at the debt boards, I would say right now that you need to ensure you have your four walls covered, so;

Rent/Mortgage

Utilities

Council tax

Food

Any consumer debt you cant afford to pay, you could stop paying. Look at your options on the board stickies.

Grumpelstiltskin

OK You have enough to worry about without worrying about the IVA.

Would you be the only person to inherit if he didn't make a will or did he make a will and you are sure he has left everything to you?

Nothing will happen fast because of your failed IVA it will take months for all the creditors to be informed so don't panic and don't do anything you may regret in the future.

elsien

How will everyone in the family know about your financial situation if you choose not to tell them. It’s nobody’s business but your own.
Looking over your earlier threads, the IVA failing has been on the cards for awhile now and nothing bad has happened.

Take time to mourn your dad - it’s what you need.

beeteecee

i have significant HMRC debt and am so worried. I hate my head is worrying about this and not my dad. I should have sorted everything sooner.

beeteecee

https://forums.moneysavingexpert.com/discussion/comment/82015776#Comment_82015776

No, not just me but there will likely be something. There is definitely a will somewhere but no information yet.

Panic is definitely ftrying to take over!

beeteecee

https://forums.moneysavingexpert.com/discussion/comment/82015721#Comment_82015721

So so sorry for your loss 🩷 and thank you for your comment. I'm worried I don't have 6 months but it's definitely not the time to make big decisions

fatbelly

When an IVA fails, the creditors that come out of the woodwork are not necessarily the ones that went in as some firms specialise in buying insolvency debts. So i always recommend hanging on and considering settling at a discount - full & final settlement.

Now HMRC won't play that game

Do you have enough inheritance to pay that one off?

PennysIntoPounds

I'm so sorry for your loss and all the stress and worry. I know it's easier said than done but try to take things one step at a time. Deal with the job that is in front of you, and right now that is giving yourself permission to grieve. Everything else will get sorted and in six months to a year you will be in a much better place, able to assess all the current unknowns. Hang in there and be kind to yourself x

beeteecee

https://forums.moneysavingexpert.com/discussion/comment/82015880#Comment_82015880

no, it will be much smaller than the hMRC debt. Not sure at all of figures.

I have had some letters from creditors which say the debt is settled which is a surprise. But not hmrc obviously.

beeteecee

https://forums.moneysavingexpert.com/discussion/comment/82015881#Comment_82015881

thank you so much 🩷 it's scary because of the hmrc involvement. I hope I have some time though.