Mortgage miss-sell, insurance and completion certificate

Get expert opinion. This is the place for new questions to be posted.
8 posts Page 1 of 1

Sally.k

User avatar
Posts: 8
Joined: Tue Nov 04, 2014 12:42 pm

Post by Sally.k » Thu Jul 05, 2018 6:18 am
Hi Ryan,
I have been advised to ask your opinion on the following matter. Me and my husband finished paying our IVA in May. Our debts were about £48000 And over 7 years we nearly paid £40000. Now we are waiting for the completion certificate however our IVA company is delaying it as they are investigating mis-sell of our mortgage. Not sure how long it will all take. Last month I have been diagnosed with breast cancer. We have "small" critical illness cover which is decreasing every year. Now, maybe worth £25000-£35000. Not sure the exact value at the moment. My question is: do I need to let my insurer know immediately that I have cancer? And do I have to claim immediately? If yes, how much of that money IVA will keep? Would they ask for all or just the amount of money which were missing to pay off all the debts (another £8000)? What about interests? They were frozen during IVA but could they ask for all that money to pay the frozen interests? I thought we paid them a lot, especially that we entered IVA tempted by the adverts saying up to 90% debts can be written off and ended up paying back nearly all (minus interests). I would be tempted to wait with my claim till I have the completion certificate, but I'm worry I will have to let the insurance know asap and they will tell me if I don't proceed with the claim, they will have to change my policy conditions, premiums etc. And at the end I won't get anything...
Regards,
Sally

Foggy

User avatar
Forum Expert
Posts: 28343
Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom

Post by Foggy » Thu Jul 05, 2018 6:32 am
Hi Sally. Not Ryan, but here are my thoughts:
I cannot guess what the insurance company conditions regarding claim timelines are and I would imagine it will be in the paperwork somewhere (small print!). You would need to check with them.
If your IP were to take the insurance money (not all would from a critical illness claim), they would take whatever was needed to make the payments you have made into the IVA cover the full original debt (so £8000) then fees (around £10000). They could also ask for statutory interest at 8% per annum (£3800 per year).
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

Sally.k

User avatar
Posts: 8
Joined: Tue Nov 04, 2014 12:42 pm

Post by Sally.k » Thu Jul 05, 2018 7:03 am
Hi Foggy
Thank you for your quick reply. Just a quick question: the £3800 interest per annum you have quoted, would they take it just for 1 year or for each year we have been in IVA (x 7 years)?

Ryan

User avatar
Industry Expert
Posts: 1014
Joined: Thu Nov 03, 2011 10:03 pm
Location: United Kingdom

Post by Ryan » Thu Jul 05, 2018 7:25 am
Hi Sally,

I think Foggy has covered everything to be honest. As he says best to contact the Insurer and initially just make a general enquiry regarding their pay out conditions re critical illness cover.

All the best.

Regards
Ryan Radford
IVA Mortgage Expert
Zebra Money Centre

IVA Mortgage advice needed?

Contact me at http://www.ivamortgageexpert.co.uk or via the expert page

Lisa Thomas

User avatar
Industry Expert
Posts: 7305
Joined: Wed Dec 03, 2014 10:26 am

Post by Lisa Thomas » Thu Jul 05, 2018 9:36 am
Sally.k wrote:
Hi Foggy
Thank you for your quick reply. Just a quick question: the £3800 interest per annum you have quoted, would they take it just for 1 year or for each year we have been in IVA (x 7 years)?
For every year I'm afraid - assuming interest applies to your IVA. You could ask creditors to waive their rights to it.
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk

NTF Financial Solutions

User avatar
Posts: 59
Joined: Thu Aug 20, 2009 8:05 pm
Location:

Post by NTF Financial Solutions » Thu Jul 05, 2018 4:18 pm
Hi Sally

We believe that you may be one of our clients. Please call in and discuss your concerns, as we may be able to go to creditors to get your IVA completed and allow you to keep all the funds you need going forward.
James Kaye and Nick Morgan, Insolvency Practitioners with over 30 years combined experience.

luluj

User avatar
Forum Expert
Posts: 10421
Joined: Sun Dec 09, 2007 6:54 am
Location: United Kingdom

Post by luluj » Thu Jul 05, 2018 7:49 pm
Hoping you can get the answers to the questions ...and you get to keep the money!
Sharing from experiences of dealing with debt

There is a solution for everyone .... Just need to stay positive !

Look at my blog "All I wanted was a baby"

Ryan

User avatar
Industry Expert
Posts: 1014
Joined: Thu Nov 03, 2011 10:03 pm
Location: United Kingdom

Post by Ryan » Fri Jul 06, 2018 11:46 am
Sounding positive, fingers crossed for you.

Regards
Ryan Radford
IVA Mortgage Expert
Zebra Money Centre

IVA Mortgage advice needed?

Contact me at http://www.ivamortgageexpert.co.uk or via the expert page
8 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”