Hi there!
My parents went trough an IVA in Nov 2015. My dad is on incapacity (has been for quite a few years) due to several heart attacks and an auto immune disease.
My mum, nurse, tried to run the house pretty much on just her wage, and I've the years ended up with debt that she couldn't pay back. I helped them with the Iva process, and the advisers were very helpful. I believe the had approx £18,000 to pay back (original debt was a surplus of £70k, I believe), with monthly payments of approx £240.
This was pretty manageable, until my mum suffer a stroke in Jan 2016. She has been off work since then, with little chance of returning. I organised payment holiday from the Iva, all staff were again very helpful and supportive.
We contacted variations regarding making an offer (£12,000, my grandmother was able to offer). Went through all the income expenditure again, Offer is submitted, good chance of being accepted, will find out on 11th October.
i should mention I contacted my mums life insurance company when her stroke happened, to begin a claim for critical illness- it was deffered for a long time, until consultants filled out the appropriate paperwork. Heard nothing for months until today she checked her banking to see if she could afford her phone bill, there was £37,400 in her account!! No letters from vitality or anything, just there. She rang to confirm, it was indeed Critical illness payment.
She was delighted itnitally, and it broke my heart to point out the windfall clause.
what do I do?! The varitiain team has Andres sent the proposal to the creditors, and all bank statement related stuff has been submitted.
She is no longer on half pay, just SSP, with little chance of returning to work- can they really take it all off her?? I've had to help out with bills every month for the past 6 months, we can't keep going on like this. They have reduced mortgage mayments of £300 until end of October, which will go back up to £690 from them.
Please share any advice that could help her retain at least some of the money. I'm too scared to contact the IP and bring it to their attention, in case it all goes..
Many thanks in advance,
Anna