My parents are divorced but live in the same house (fully owned, they are retired and in their 80s) my mum is in an iva, however my dads now got dimensia, and it’s looking like he will need to go into a home soon, we think we need to sell the house to fund this, however I’m worried as obviously mum needs somewhere to live, she gets only state pension and her health is going downhill too, would we be able to calculate mums remaining payments and offer this to the IVA people as a full and final settlement to be paid when the house is sold, and if so how likely would it be to be accepted? I don’t think she could afford much more than that and be able to buy something, and renting wouldn’t be a practical long term either.
Sorry to hear of your problems, it might be worth asking if they will accept payments made to date and close the IVA down in view of the health issues and obviously your mother would not be able to fund the IVA on her state pension.
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 would need to discuss this with your IP, who may then need to refer to creditors with an offer and / or variation and a lot will depend on the figures involved as well as the stance your IP chooses to take.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
From a healthcare professional view you should not need to sell the home to fund dad going into care.
If the home is in joint names they cannot make your mum homeless to finance care for your dad.
They need to have a full financial assessment by social services-if theres isnt enough in savings etc then they wont be classed as ‘self funding’.
The home cannot be taken into account if it is still the named residence for your mum. Regardless of the IVA your mum cannot be made homeless solely for purpose of funding a care home for dad-this is all based on mum being named as joint owner on the home. If home is just in dads name then it will be different.
Hope that helps.
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
No problem Kallis
Hope it helps the poster to feel reassured that mum should be able to continue residing in the home.
It would be good if the IVA could be ended based on payments made to date....one less stress for them and allow to focus on care.
