My partner passed away suddenly in January, he did not have life insurance and the mortgage was only in his name because of my debt. I will have to rent, I live in harrogate where rent can be high, I don't want to move as my family are here. I don't want my iva to fail but I am really concerned about how I will manage. My partners parents made a low offer to my creditors which was rejected as they feel I can pay the money back when I'm ready to go back to work. Can anyone tell me if they have had any success in having the iva settled early if you are able to cover the remaining payments in the plan upfront?
My condolences first and I think your creditors have been harsh in rejecting the offer. Get your IP to go back to them as this seems unusual. Normaly creditors are sympathetic where death or serious illness are involved.
Foggy always gives sound advice so I would follow it.
I hate mentioning it but you are deemed as a beneficiary in any will e.g. will the house be left to you as that may be a factor in how any offer is viewed.
For the purposes of the IVA you need to be really clear on what your i&e is, what assets you have and what you may have coming.
It sounds really clinical but the whole process is not based on understanding what you are going through.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
My offer was put to the creditors, the iva company did not ask if I could afford more, just to call them when I could start making payments again.
My partners will was written before we met, his parents are the beneficiaries however after the mortgage has been repaid and some of his debts there isn't a great deal hence why they are trying to help.
I'm with Knightsbridge finance.
It is possible that your IVA has not been put on a payment break while you are off work so hopefully it will not be failed. You should do an estimated income and expenditure account based on you working again to see what if any surplus would be left at this time. Bear in mind the cost of rent, council tax, heat and light etc will now be your cost alone and it would be unlikely if the IVA could continue on. The offer should have been accepted so once you have calculated your new surplus [if any] go back to the IP and ask for another full and final offer to be made.
I feel this is very unfair to you and unlike creditors.
