Hi,
An update on our situation, My Husband is still signed off by the GP after suffering a PE in July, with no idea when and if he will be able to return to work.
As of tomorrow his employers have decided to make him redundant, he has only been the company 2.5 years, so will not receive a huge amount. Now my Husband is trying to obtain further employment, even though he is not fit.
Before we knew of the Redundancy, due to advise from here we contacted our IP and we have a variation meeting 19th Oct for creditors to accept payments made to Feb 2013 as full and final, this would be 60 months.
That in itself should be acheivable, but my Husbands IVA had a minimun dividend implimented by his major creditor American Express of 71pence in the £. This was orginally to be acheived by expected equity release and commission, both of which have not materialised due to the economic downturn. We have paid all monthly payments without payment breaks.
My concern is twofold,
1. How likely is that American Express agree the variation?
2. As the variation has obviously been sent, if it is not agreed then with this new difficulty of Redundancy and still signed off what can we do?
Kirsty I am really sorry to hear your latest news, have you spoken with your IP since you learnt of your hubby's redundancy? My only advice would be to have another meeting with your IP and ask him for payments made to date to be accepted as full and final due to your hubby's ill health and redundancy, he s niot fit enough yet to be searching for work and the last thing you need is the stress of all this and a further set back for your hubby.
Sorry to hear the latest news...another thing that you could do without I know....give your IP a ring and discuss the possibility of a further amendment to the F&F offer on the 19th October and ask that payments are accepted to date due to the change in circumstances.
Your husband's health is far more important and at this stage in his recovery seeking new employment when not fully fit is not going to help him or you in the long run.
I am sure that your IP will be able to support you in this - let us know how you get on.
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Hi cfnc - I completely agree with the others - his health is so important and the stress of trying to find extra work to maintain the repayments may set him back and not help in the end.
Have a chat with your IP - hopefully you have got a good one who will understand the situation and push to have payments accepted to date. I can't speak for other IPs but I know Melanie has successfuly got variations like this on many occaision so it can be done.
In terms of payments yet to be made you are so close so the creditors would not be writing off that much from the original proposal but those few months could make a detrimental difference to your husbands health if he does focus on getting better.
Speak to your IP today and see what can be done - do they have a rep on here - maybe it could get picked up quicker for you if they have.
Keep us posted and best wishes to your husband.
Regards, Tina Shortland, Debt Advisory Manager for Melanie Giles at Debt Advice TV.
If you’re looking for effective debt related information, articles and news, then go now to our on-line advice service at www.debtadvicetv.com
If you’re ready to ask us for specific advice or help, then get in touch at www.call-me.debtadvicetv.com so you can start to free yourself from the stress and anxiety of overwhelming debt.
I will contact our IP, but I am a little concerned about American Express as the wanted a minimum addition of £17000 paid into my Husbands IVA, which has not been acheived due to having less than 15% equity and commission not being at the high level it was when we first took oout the IVA.
With regards to my Husband concentrating on recovery I completely agree, but unfortunately he is stressing about being able to work, in fact we have just got back from seeing GP and she nearly fell off her chair when he said he wanted to be fit for work, as he had just spent the last 5 mins explaining his pain, shortness of breath and numbness. But at least I know she is on the same wavelength as me and will not sign him fit until he is.
Glad to hear your GP is not going to be talked into signing him back to work Kirsty. The sooner your IP can try and clear things up for you the sooner he can stop stressing about the extra pressure to work. Push for a variation to your creditors and make sure the IP gives good clear reasons why. You have a very good case. One of the best advantages clients can have is a strong IP who is behind you not fighting you but at the end of the day as we always say it is down to how the creditors vote however you can have two different IPs putting the same scenario forward and get different results.
Regards, Tina Shortland, Debt Advisory Manager for Melanie Giles at Debt Advice TV.
If you’re looking for effective debt related information, articles and news, then go now to our on-line advice service at www.debtadvicetv.com
If you’re ready to ask us for specific advice or help, then get in touch at www.call-me.debtadvicetv.com so you can start to free yourself from the stress and anxiety of overwhelming debt.
