I'm in need of some advice and I'm a little scared of asking my iva administrator in fear of bankruptcy.
I took my iva out in January 2010... I pay 490 p/m, I've never a missed a payment and it's over 5 years.
This year in February whilst I was pregnant I was diagnosed with Cancer. It was treated with surgery. However last week it returned and it has spread to my lungs. I'm told by the doctors that I don't have a particular good prognosis.
I have 2 properties with mortgage, 1 property which is worth 10ok with a mortgae of 96k, currently let for 400 a momth, which doent cover the mortgage. The second I live in and have no equity in that as well. Neither one with any life cover, and are capital repayment schemes. I also have a 2 year old and a partner who doesn't know I'm iva.
My questions are:
What can I do to reduce my payments on the iva?
If I approach my iva administer will they force me to bankruptcy and I'll loose the house I live in?
I can't work whilst on chemo and my partner is supporting me with no idea why I'm transferring 500 from his account a month... If I tell the iva pele this will they transfer the debt to him?
Any ideas on what I can do to get out of this mess? I don't won't to leave a pile of debt for my partner to deal with...!!! Please help
Which IP are you with ? I would urge you to have a frank chat with them and see what can be sorted out. They should be sympathetic and are not in the business to make people bankrupt.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Hi Sarah.10
So sorry to read about your diagnosis and the prognosis. Try not to worry, you do need to let your IP know though as they will be able to suggest alternative arrangements.
If you did have to go bankrupt I would be suprised if you would lose the house as you have no equity although you might have to sell the 2nd property. Please pick up the phone and talk to them, at least them you can concentrate on your health and spending as much time with your little one without stressing about the IVA.
If life is what you make it, I must have been in a strange mood when I made mine
Hi Sarah.10. Welcome to the Forum. Your priority has to be your health right now, and I'm so sorry you are faced with this. Foggy's right - speak to your IP ASAP. Would it help you to share this issue with your partner? Only asking because it sounds like a whole lot of stress you seem to be managing all by yourself. Sincerely wishing more positive and manageable outcomes for you. x
IVA journey started: 30th March 2009. Settled: 17th July 2012. Completion Certificate received: 13th March 2013. Breathe. x
Welcome to the forum, first of all stop worrying about your IVA there are more important things to deal with at present, like your treatment for the cancer and to get the best from your life.
How can you deal with all this by yourself and in secrecy? What are you scared about in telling your partner about your IVA? Did you enter into this before you met?
I very much doubt your IP would force you into bankruptcy, are the properties jointly owned? If the debt is yours alone it can not be passed to your partner, so stop worrying about that please.
When you entered into your IVA was there any mention of any % of your payment to cover you against illness etc? I only ask because some companies do offer this.
Please talk to your IP as a matter of urgency as you may be able to take a payment break, or at least have your payments reduced. Best case scenario for you would be to ask for a variation to ask for payments to date being full and final and to end your IVA.
I can't imagine how you are coping with everything, but there will be a solution. Please try to talk to your partner about everything.
My IP is RSM Tenon Debt Solutions... They were recommend to me by National Debt advisor... Are they reasonable...??
I went into this IVA before I met him, he's always assumed I was good with my money and he's never asked me about my finances... I stopped working after I was first diagnosed and lost the baby, I couldn't go back to work.
The IP had a meeting in April and I was simply to ill to deal with, they held the meeting with the creditors and it was noted that I didn't provide my income details. I haven't worked since feb 2012 and have been using my partners money to pay the IVA, he's good and doesn't ask what I use the money for.
I am going to tell him tomorrow I think after I speak to the IP.
Should I be totally honest with them and tell them I've not worked since FEB?
Both the houses are in my own name, he has his own portfolio... One of the reasons I won't officially marry him is because my credit rating will affect his...!
Thanks again everyone...wish me luck I start my chemo on Tuesday.
Hi again Sarah. I am with Tenon and, although he isn't my IP. I always deal with Mike Sloper there and found him to be great and always helpful. However, he is on leave until the 25th, but I am sure someone there can help.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
So sorry to hear your news - as everyone else has said your health has to be your absolute priority at the moment.
Insolvency Practitioners are firstly human beings who have all of the same pressures of ill health and family life as there rest of the populus. Your IP will completely understand the issues you are dealing with and facing, and will be sure to want to help when they know the full facts of your current circumstsances. If you are too ill to work, then it seems unfair that your partner is paying your debts, and rest assured they can never transfer to him.
You have passed the halfway stage now with the IVA, so I would ask your IP to consider putting forward an offer to creditors based on them accepting what they have received to date in full and final settlement. It is very unlikely that they will make your bankrupt, or that creditors will want that to happen, and an early conclusion of the IVA seems the best way forward for all parties concerned.
Look after yourself and don't let the worry of the IVA and the consequences of its failure, affect your need to concentrate on your treatment and to get better.
Hopefully all the above replies along the same theme will give you strength to contact your IP
Your situation in question is one of the most genuine reasons for using the forum and makes the odd winge myself and fellow posters have pale into insignificance in comparison to yourself
Good luck and best wishes and hope all works out ok and easy for me to say I
know but try and keep strong
Last payment made April 2012
Certificate received 1st Nov 2012
Hi Sarah,
so sorry to hear of your health problems
We are with RSM Tenon and i must say they have been nothing short of brilliant with us my contact is Simon in supervisory dept he is great listens and gives you appropriate advice, always rings back when he says etc,so please ring them I am sure they will put your mind at rest then you can concentrate on getting yourself treated and better xx
Sorry to hear your news.
please talk it over with your partner and IP.
I meet my partner after going into my iva and never told her, then lost my job and could not keep up payments with my new lower paid job.
knew I would lose my flat, so talked this over with my IP, they could not have been more helpfully and are putting a offer forward to end my iva.
Have told my partner about my debts now, just wish I told her before.
As her support has help me, get to where I am today.
IVA now over with and it was worth it.
now starting my life again,
Hi Sarah 10. So sorry to hear about everything you've been through and are still going through. As one of the other posters said, cases like yours make most of our problems seem insignificant by comparison. You sound to me to be a very brave woman but please speak to your partner and your IP. You need support from those around you and from what you've said of your partner, he will understand and support you in whatever way you need. This forum is by far the nicest bunch of people I've encountered in recent years and the advice that they give is good and sound. Please take care of yourself and as said before, your health is by far the most important thing and you should be concentrating on that now, not worrying about the iva ... let the IP deal with that. x
