full and final

[unchain]

Dear all,

Hypothetically,Let us say that things are getting very hot as the days pass on and the individual can not bear it any more.

The only solution appears to be an IVA.which let us say is successful.
If it had not been for IVA,the situation would have been untenable and things would gotten worse,with catastrophic implications.The innocent victims would have been the other members of the family.

Because of IVA the situation is undercontroble and managable.

This gives time for the individual to reflect.

The proposal involves a remortgage at the end of 4th year.Individual also realises that the IVA is for at least 5 years.The feeling is that it also comes with lot of constraints.It is like chained to heavy metal ball with a chain.

But the individuals thinking is that after a while let us say 12 to 14 months.Once the mortgage redemption penalty finishes,may be able sell the house which may release a sum enough to offer the creditors the ORIGINAL divident promised.

Does any one think this may be a sensible thing to do?

The individual is thinking of the above just in case the death of the individual occurs,leaving family in despair and to deal with the situation.

Also thinking of IVA failing down the lnie because of unforeseen circumstances.

Unchain.






Unchain

[MelanieGiles]

Hi unchain and welcome to the forum

Why not take out some life insurance to cover the IVA settlement in the unlikley event of your death whilst it is still running.

And take each month as it comes. If unforseen circumstances arise, your IP will help you to consider a revision to your origianl offer. This is unlikely to be acceptable to creditors unless there are good reasons for it.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[unchain]

Dear Melanie,

Hypothetically,

Insurance to cover IVA? you mean for the original sum owed to the creditors?

My thinking was that I would be paying the original dividend agreed or may be a little more,to unchain my self.

Paying insurance premium would increase expenduture,I not sure if IP wiil agree,the premium would be high because of my age.

Unchain.

[MelanieGiles]

No - to cover the balance of your IVA payments and a further bit towards the property equity. Such policies could be taken out relatively cheaply, and perhaps funded from your miscellaneous expenditure allowance?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[unchain]

thanks Melanie,

Is there any insurance company that the forum can recommend?
it is just that I am worried of my spouse and children in the event of my death.
unchain.

[aguise]

Hi unchain
There is on the experts page (to the left under iva forum) Look at cover it all ,John Tegg should be able to advise.

Ang