IVA and a Will

A question about : IVA and a Will

I have 24 months left in my IVA and currently it looks like I will be paying more than what was originally stated.

My mother has Parkinsons and there may be another illness which could end up being terminal. I know that she is leaving me the bulk of her monetary assets which she is going to put in a trust that pays out so much each month as she knows my history with money and wouldn't want to give me it all in one go which I don't blame her.

My question is if she died before my IVA was finished would I have to pay the total amount my debts add up to or the remainder or none of it because of the trust?

Best answers:

• If the money is held in trust it belongs to the trustees and you have no access to the capital . You would have to declare the additional income to your ip though , and may need to increase your iva payments if the trust income is substantial but you need to disclose it definitely