Hi, I'm new here but am in desperate need of advice

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elky

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Post by elky » Tue Sep 06, 2016 10:14 am
Hi, I'm new here but am in desperate need of advice.
My husband and I are at the start of our 4th IVA year. This past year he was diagnosed and had surgery for cancer. We now begin the 6 monthly scans - he's in his early 60s and was an utterly fit man working full time in a stressful job, before this took over our lives.
Now that he has resumed work, things have changed and I fear that if he doesnt stop work, it will kill him to put it bluntly.
He's of pensionable age, but we have a huge mortgage and we would have preferred that he retired after the IVA finished.
If he retires now we cannot pay the mortgage and IVA. I would love to pay IVA off, but I dont know if his lump sum pension will be taken as a salary income by IVA.
I want my husband well, but fear the worst.
Please can you tell me if I have any options here?

Thank you.
 
 

kallis3

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Post by kallis3 » Tue Sep 06, 2016 10:42 am
Hi and welcome,

Sorry to hear of your husbands problems and suggest that you contact your IP and ask that payments made to date be accepted as a full and final.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
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Foggy

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Post by Foggy » Tue Sep 06, 2016 10:48 am
First check your paperwork -- sometimes pensions and pension funds are excluded. If not any lump sum will be captured by creditors.

The way around this is to offer to draw the lump sun as a means of funding a full and final settlement (based on payments outstanding -- plus 12 months for equity release). The premise here is that, if they refuse the offer, you will not draw the pension and they won't get it anyway.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

Michael Peoples

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Post by Michael Peoples » Tue Sep 06, 2016 8:57 pm
Creditors are usually sympathetic where there is a serious illness so I agree your IP may be able to help. Creditors may accept an early closure.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
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If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
 
 

elky

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Post by elky » Tue Sep 06, 2016 11:09 pm
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by kallis3

Hi and welcome,

Sorry to hear of your husbands problems and suggest that you contact your IP and ask that payments made to date be accepted as a full and final.
Thank you kallis3 for your advice.
 
 

elky

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Post by elky » Wed Sep 07, 2016 10:48 am
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Foggy

First check your paperwork -- sometimes pensions and pension funds are excluded. If not any lump sum will be captured by creditors.

The way around this is to offer to draw the lump sun as a means of funding a full and final settlement (based on payments outstanding -- plus 12 months for equity release). The premise here is that, if they refuse the offer, you will not draw the pension and they won't get it anyway.

Thank you, I'm not sure what the additional 12 month equity is?
 
 

Foggy

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Post by Foggy » Wed Sep 07, 2016 10:57 am
If you are a homeowner have equity you will be required to attempt to release this equity towards the end of the IVA -- if you cannot do that ( as most can't at the moment) you will get 12 months added to the term of the IVA ... a F&F usually assumes the extra 12 months will be added, unless you can demonstrate otherwise.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

elky

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Post by elky » Wed Sep 07, 2016 1:09 pm
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Foggy

If you are a homeowner have equity you will be required to attempt to release this equity towards the end of the IVA -- if you cannot do that ( as most can't at the moment) you will get 12 months added to the term of the IVA ... a F&F usually assumes the extra 12 months will be added, unless you can demonstrate otherwise.
We are due to remortgage Xmas, but with my husband's age, I'm some years younger, we can't see this happening so feel sure another year will be added.

Thank you for your time.
 
 

kallis3

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Post by kallis3 » Wed Sep 07, 2016 1:15 pm
It won't have anything to do with his age - your IVA will mean that you cannot remortgage.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
 
 

kallis3

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Post by kallis3 » Wed Sep 07, 2016 1:18 pm
Give them a call to see if they will accept payments to date to close the IVA down.

Also check your paperwork - some companies are trying to send people down the secured loan route. If it is not mentioned in your Chairmans report then you do not have to do it.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
 
 

Lisa Thomas

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Post by Lisa Thomas » Thu Sep 08, 2016 10:19 am
I agree - ask your IP to put forward a variation to creditors to accept payments to date in f&f and close the IVA.
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk
 
 

elky

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Post by elky » Mon Sep 12, 2016 1:25 pm
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Lisa Thomas

I agree - ask your IP to put forward a variation to creditors to accept payments to date in f&f and close the IVA.
Hi Lisa, thank you for replying.
I have spoken to them as things have progressed with my husband who now has kidney disease in his remaining kidney.
When I asked for a variation to be put forward as per your advice, they said a remortgage was still required - we are in our 5th year now. They want a valuation, letter from doctor to say he cannot work before they'll set up a meeting with creditors.
We've paid £34608 and the IVA expected is £43,260
They said the best case senario would be to complete early and the worst would be to complete the term of IVA at a reduced monthly payment.
Said it would take 2 months to say up meeting.
I don't know how to feel about this given that myself and our children are fearful of the future.
 
 

kallis3

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Post by kallis3 » Mon Sep 12, 2016 1:57 pm
Keep pressing them - and ask it to be sorted asap due to your husbands health - you need this to be over.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
 
 

Foggy

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Post by Foggy » Mon Sep 12, 2016 2:03 pm
Might I ask who you are with ?
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

Lisa Thomas

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Post by Lisa Thomas » Mon Sep 12, 2016 3:30 pm
Sorry to hear about your husbands ill health.

How much equity is in the property? There is usually a standard minimum required of £5k. If you can prove you have less than this then the clauses about dealing with the equitable interest should not apply.

If not you need to prove you cannot remortgage - ask them what they want to satisfy this.

They can then show creditors what the F&F position looks like compared to what they would get had the IVA continued.

Send them the Doctors evidence and explain in writing that his position has deteriorated and not in a position to make further payments.
Last edited by Lisa Thomas on Mon Sep 12, 2016 3:32 pm, edited 1 time in total.
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk
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