www.iva.co.uk

me and my husband are in a iva since dec 09 but now my husband is terminally ill what happens to his debts?

Hi, I'm so very sorry. Speak to your ip as soon as feel ready. I'm sure both your ip and your creditors will give you all the help you both need. Hopefully one of the experts can be more help. Xxx

I can relate exactly to your situation - my wife is in a similar position and we were in an IVA. Our family helped and we offered a Full and Final settlement which was agreed. The dividend accepted d was well below the original so they will listen and respond to genuine need. Get in touch with your IP asap - how far are you ininto the IVA? - we were over half way. If you are well down the track they might just settle with what you have paid already - but you need to speak to someone. You need to concentrate on what is important now and sort this out so you do not have these worries as well

Take care -

Hi, your time together is important and more so than your debt. I would talk with your IP without delay and explain the situation and try to work a way forward. Is Bankruptcy an option for you? x

I'll answer this very sad post as if I was acting as your IP.

I would want to give you plenty of support whilst you are still able to pay your IVA. If it got to the stage that you could no longer maintain payments, then I would approach creditors to see if they would be prepared to accept what you have paid to date in full and final settlement.

Sadly, I have had to do this on a couple of occasions in the past - and you will find that your creditors are also immensely supportive too.

When time is the most precious commodity you have - spend it wisely and look forward to every moment that you can be with with your husband. No-one can take that away from you, and I wish you all good thoughts and strength for the way forward.

I would add on a practical note when my wife was diagnosed she was very ill and we were not sure she would last the week - thankfully we have past that now but during that week I realised that our Life Insurance would be taken if she had died as it would come under the windfall clause. I dont know whether that would apply to you here but it is definately something to be aware of.

Surely you would only have to pay across as much as was required to top up the dividend to 100p/£ at the very most?

Don't forget the fees and possible statutory interest as well. Perhaps the policy Joe had wouldn't have covered everything.

Sorry to hear your news Shelley, I hope you manage to get the IVA sorted soon so that you can spend quality time with your husband without worrying about money as well.

And don't forget that any balance of life insurance monies available after the deceased's debts have been paid, becomes a windfall in the surviving partner's estate.

I cant really add any more to this than the other forum members have already said.
I just wanted to say how terribly sorry i am to hear of your bad news.
Enjoy every moment you have together. Thats far more important than money.