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kathy johnson
kathy johnson December 11, 2011 11:32

IVA and inheritance

my partner has the debt in his name £25,000 so an IVA may be necessary. What if I was to inherit - would that mean the inheritance pays of his IVA? We have 3 children and a very small house so ideally the inheritance would be used for this
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  • Tylah Thompson EMPLOYEE
    Tylah Thompson (Employee) December 13, 2011 13:30
    Hello Kathy,

    If your partner has a sole IVA to manage his sole debts then any inheritance that you receive during the course of his IVA would not be necessarily captured in his arrangement as an after acquired asset. However, you might be able to offer a third party lump sum in order to settle your partners IVA. This would need to be discussed and agreed with the Supervisor of the IVA. The amount would have to be a good offer for creditors to accept, if you are in the position to offer such amount to repay creditors the amount they agreed to within the IVA, if not more, then creditors are likely to accept a settlement; however there are no guarantees.

    Thanks

    Tylah
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    good answer! good answer! (undo)
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