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Death during IVA term


What happens if I die before the end of the term of my IVA? Will my partner and son be forced to sell the house? The IvA is in my sole name.

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Re: Death during IVA term

There will be a clause in your Individual Voluntary Arrangement (IVA) proposal documentation that outlines what would happen. The IVA protocol states “Should you die during the term of the arrangement property constituting an asset of the arrangement in your or the Supervisor’s possession, custody or control shall be held upon trust for the purposes of the arrangement until it is realised.” If you need to establish exactly how this would work in relation to your assets and your specific situation then you should be able to ask the Insolvency Practitioner to explain in detail.

This question was answered by Debt Advice Foundation, an independent UK debt advice charity. If you're considering entering into an IVA or need further help with your IVA, Debt Advice Foundation provides a free, confidential helpline and can advise you and on whether you qualify. Click here to find out more.

 

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