What happens to my IVA if I pass away?Nobody wants to think about passing away, or what will happen to their outstanding debts if they do. In this section we have questions and answers incase this should happen.
What happens to an Individual Voluntary Arrangement (IVA) on death?If you pass away during your IVA, it does not automatically mean that your IVA would be failed. Your next of kin should contact us – it may be possible to ask your creditors to allow the funds that have already been paid into the IVA, to be accepted in full and final settlement, and for your IVA to be successfully completed. This will avoid the IVA failing and the debts falling on your estate.
What will happen if I become terminally ill during my IVA?If you contact us we will be able to discuss options available to you.
The Insolvency Practitioner would be able to look at solutions available, and see what they can put in place so you don’t have the added worry of your IVA. It may be possible to ask your creditors to end your IVA early.
Thinking about the future and what could happen can be difficult, but it’s important that your family is still cared for.
Contact a member of our team at PayPlan today, for free impartial advice.
*In the case of a one-off lump sum settlement