www.iva.co.uk

Hi. I have been in IVA for 7 years. My last payment went through in May. I am now awaiting the completion certificate, however they said they are investigating something with my mortgage so it might take a while plus we had many creditors. I have to add that our monthly payments were high (comparing to our friends who had simmilar amount of debts) - from £420 to £700 per month. I dare to say we nearly paid our debts in full (although without the interests). Now my question is: I have been recently diagnosed with cancer and I have critical ilness insurance. I am not sure how much they would pay me out but I would think about £25000. At that stage of IVA would they take that from me or would I be able to keep it? I want to add we don't have any savings whatever and I am worry at that point in time if I will have enough money even to buy a wig, and then to leave on after my surgery with the amount of time I will need to take off work. If they were to take off me, what percentage if any could I keep? Is it worth to wait with the claim till IVA is completed? Hopefully within next 6 months...

Personally I would not claim until the completion certificate is issued. Otherwise you are gambling on the sympathies of your IP. It is still questionable as to whether they would have any claim even then and they might try to take it as the eligibility to claim arose during the life of the IVA. That said, after completion the IP would have no reason to be looking for the compensation claim (unlike PPI where they are likely to be told by the creditor).

Have a chat to Ryan one of our forum experts in mortgages - he has experience of critical illness too and maybe able to offer advice or products.