On a more sombre note

[kallis3]

Hubbie and me have interlocking IVA's through Payplan. They took out life insurance on us when we started. I think it is for £20,000 each, which presumably, in the event of the unthinkable happening, would pay off whichever IVA in full.

However, existing medical problems are exempt. Hubbie has suffered from heart disease for years, had two bypasses and now has COPD. The chances are that it will be one of these that finish him off. My question is, if that is the case, what happens to his IVA? He has no life insurance, we don't have any on the mortgage, so nothing to pay it off. Would I be expected to carry on paying?

[facingittogether]

hi kallis

so sorry your husband has health problems, it must be such a worry for you! what is copd? sorry for sounding ignorant!

i cannot answer your question but hope someone will be a long who can!

thinking of you!

barb x

[kallis3]

That's ok Barb. I hadn't a clue either! It's Chronic Obstructive Pulmonary Disorder. It has been put down to his smoking, even though he gave up 20 odd years ago, and the fact that he had blood clots on his lungs after his last bypass.

He is ok mostly, just gets the odd angina attack. Hopefully he will be around for a good few years.

[facingittogether]

kallis

it just shows what smoking long term can do, i luckily have never smoked but my hubby gave up just over a year ago after smoking for 20 years!

am glad that they seem to have your hubbys condition under control, theres always something to worry about though!

barb x

[kallis3]

If it's not one thing, it's another!

Hubbie used to smoke really heavily until he had a heart attack, and I'm ashamed to say that I used to match him cigarette for cigarette!
Not smoked myself for 12 years now.

[facingittogether]

you have both done brilliantly to give up kallis!

when hubby first packed in he was hell to live with! miserable, sweating, it was like watching someone coming off drugs, glad i have never smoked cos i dont think i would have the willpower to stop! i admire anyone who does though! lady h is doin brill, not smoked for 3 weeks!

barb x

[kallis3]

She is doing really well. Hubbie was in hospital so had no choice!
I am fortunate in that I have always been able to stop smoking with no problems at all. OK, I have started again a few years down the line, but not this time. Can't afford to start again!

[plasticdaft]

On a positive note,hubby could get hit by a number 13 bus and the insurance will pay out!!!
Who is paying for the insurance?? Would seem silly them taking it out and it not covering any current medical conditions. If it wont pay out then theres not really any point in having it. Surely hubby's IVA would just close down,wouldnt it??

ps the number 13 bit was a joke.....



it may be a 27a instead!!!

[wen]

I would assume that Hubby's debts (if in his sole name) would be written off, unless there were any assets/estate to help pay them off.

If they are joint debts with yourself then you would still be liable for his share.

I would wait for one of the 'experts' to give you a definate answer though.

[kallis3]

Payplan are paying for the insurance. I think it costs £60 a year and does not cover existing conditions. We were not even asked if we had any.

Probably be a No.33 round here, Plasticdaft!

Wen, I thought that would probably be the case. He'd better hang on as all his are joint debts!

[plasticdaft]

Please tell hubby to be careful at bus stops(just in case).

[olympic_torch]

Live each day like it's your last.
Coz one day you'll be right.

[facingittogether]

[:D][:D]

[chardonnay]

Hi Kallis,
Well done to both of you for giving up the smoking - I stopped about three months ago for a couple of weeks, but the stress of getting the IVA up and running started me again!! I'm going to give stopping another go once I have the car, etc sorted.
Insurance that doesn't cover existing medical conditions sounds odd to me - especially for your hubby as if he is going to get ill it will most likely be either his heart or the COPD. Have you looked at the IVA protect insurance? I know it covers illness and accidents - as in if you are ill and cannot work/make payments it covers the payments. I'm not sure if it covers the unthinkable but it may be worth looking at. It's run by John Tegg - if you look on my post about it there is a link and I'm sure John will be able to advise you.
I hope that helps,
Keep well and healthy and stay away from the bus stops!!
Hugs,
Chardonnay

[kallis3]

Hi Chardonnay,

I am looking into the IVA insurance for myself, but hubbie is retired so I doubt if it would be any good for him!

I'm not on a bus route fortunately, so keeping clear shouldn't be a problem!


Jan
xx