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We have 2.5yrs left on our IVA, no defaults everything is fine. My question is next year we will get approx 40k from my wifes mums estate. Do we have to declare this and if so how will this affect the IVA ? Im pretty sure we could pay everything off with this money (would rather not though given the choice) our circumstances have changed now we have 2 children. So can we "hide" the money from them ? it will not be in our bank account but one the solicitor had set up. Dont want to do anything illegal but would just like to enjoy the money and put some into the bank for the kids.
We have 2.5yrs left on our IVA, no defaults everything is fine. My question is next year we will get approx 40k from my wifes mums estate. Do we have to declare this and if so how will this affect the IVA ? Im pretty sure we could pay everything off with this money (would rather not though given the choice) our circumstances have changed now we have 2 children. So can we "hide" the money from them ? it will not be in our bank account but one the solicitor had set up. Dont want to do anything illegal but would just like to enjoy the money and put some into the bank for the kids.
regards
Hello there.
The inheritance would be classed as a windfall and would vest with the IP. This should be used to pay your creditors. You could potentially get into a fair amount of trouble if the IP found out about it.
Hi, yes you would need to declare any monies or gifts over the value of £500 to your IVA.
It is then at the creditors discretion as to whether they want a little or all of the money paying in. You could look into doing a Full and final settlement to your creditors with this money, and in order to do this, you need to let the person dealing with your case know about this. They would then need to inform creditors and hold a meeting to see if the creditors are willing to accept the full and final settlement. You could then hopefully complete your IVA earlier
I.V.A and inheritance ?
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Originally Posted by jasonc123
