My husband and i have paid 64 payments on our IVA and have to have a valuation done in June to ascertain if we have to extend a further 12 months (taking us to 7 years). My question is : we are both experiencing health problems which may well force us to consider retirement earlier than we had anticipated.(in 6 months time). Should we offer a F&F payment then, which would be for the remaining payments? Also can they demand any of our pension lump sum?
Hi I had to put a final proposal in myself last yr due to ill health. Seeing as you have done 64 months already its worth asking the IVA company whether creditors would just accept what you have paid so far and complete it , if not they may come to some agreement over paying a small amount (may not need to be the full amount your thinking) especially when you consider your income will be greatly reduced if both giving up work due to ill health. A doctors letter always adds extra weight and an income and expenditure on your reduced income too. Why retire in 6 months though if health bad? They may question that, good luck.
Where would you get the money from to offer a full and final settlement Diane? Your health is far more important than worrying about your IVA, and having paid in now for so long my personal advice is to carry on making payments for as long as you can, and if you do have to retire then consider offering creditors what they have been paid to date in full and final settlement.
Thanks for your reply. The money would have to come out of our pension lump sum. We have been struggling for some time with health problems. We would be entitled to and would receive full pay for 6 months if sick, and would then probably have to finish working. If we did approach our IP regarding asking creditors if they would accept what we have paid so far is this a lengthy process? Or is it straightforward? Regards
Diane
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by MelanieGiles
Where would you get the money from to offer a full and final settlement Diane? Your health is far more important than worrying about your IVA, and having paid in now for so long my personal advice is to carry on making payments for as long as you can, and if you do have to retire then consider offering creditors what they have been paid to date in full and final settlement.
