www.iva.co.uk

Me and my partner are currently 4 and a half years into a 7 year iva - My partner has terminal cancer and we are trying to sort out our financial affairs asap - we have offered the sale prceeds of a house in full and final settlement of the IVA[ which will be decided on the 23rd june ] There is a lot than can go wrong with this - the house sale is faltering and we are not making the monthly payments at present.The question is this = If it all falls through would we be better off leaving the IVA and dealing with the creditors on an individual basis or are our individual debts '' merged '' and should either of us die before the end of the arrangement the other is saddled with all of it- please advise if you can as it is fair to say we will not both be alive in 2018 to celebrate the last payment! Thank-youuy

Hi and so sorry to hear the prognosis. I would suggest a full and frank chat with your IP. It could well be, in the circumstances, that the creditors will agree to alter the terms of your IVA to suit the new circumstances, they might even go so far as to accept payments made to date.

The first thing to say is sorry and I hope you can work things through.

If the house sale falls through see if they consider a f&f based on payments to date.

Hi Nigel. I'm so sorry to hear this news. I have just had an F&F accepted with payments made to date. I was 3 years and 9 months in but hadn't been able to make a payment since January. I would recommend you speak to your IVA company and see if you can do the same, rather then relying on the house sale. I really hope you can sort this out and wish you luck x