we are 3yrs into an iva and my husband has been made redundant so therefore we cannot sustain the payments.he is now disabled and only receives incapity benefit .what are the options open to us now, we have never misse a payment until he was made redundant.i am so worried we might be made homeless.
Sorry to hear about your husband. Is there any chance of him finding further work? Did he receive any redundancy pay? If so, this money can fund you until he does find further work.
Do you own your own house?
You need to speak to your IP as soon as possible to inform them of your position now and see what they advise.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
You need to contact your IP to discuss the options available. Did you have insurance on your IVA? If not and there's no redundancy available, maybe a payment break can be arranged to see if new employment can be secured?
The insurance is something we've recently found out about and I guess hearing about the amount of redundancies lately, its something we should all be encouraged to take up.
Sorry to hear your news, as other have said it would be best to have a chat with your IP who will be able to advise you further.
swans/angela
I am going to take up the insurance as soon as I can as it has started to worry me a lot also, I suppose its with the news being full of job cuts and redundancies. I am a worrier and think this would give me peace of mind x
Be positive & look after yourself, there are more important things in life than debts....
yes and you can get it onto you I+E form because it benifits both partys i done this last year at pay rise time because they were going to put my payments up so i told the ip about the insurance and no increases were made as the cost of the insurance was taken into account
i do hope you can sort something out with your ip afte you have done so well in your iva 3 years is a long time
Last edited by creditcrunched on Tue Nov 04, 2008 5:01 pm, edited 1 time in total.
A payment break is a possibility, but given the circumstances you describe, coupled with your husband's disability, I probably would write to your creditors to ask them to accept what they have received in full and final settlement, without pursuing you for any balance due. I have done this several times if the circumstances warrant such strategy - but would be keen to see how you get on.
I agree with Melanie and I have also done this a number of times. Indeed on another post today I mention a dividend return of under 9p. This was in similar circumstances as you articulate. Ask your Supervisor if he/she will submit a F&F variation for you as indicated by Melanie.
Last edited by David Mond on Wed Nov 05, 2008 1:09 am, edited 1 time in total.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
