wife is diagnosed with terminal illness

[sja]

We are in an iva for 3 months and my wife is diagnosed with terminal illness. if the insurance pays out the outstanding mortgage will it be regarded as windfall and how will it affect the monthly iva payments? We will have less outgoings, but our income has gone down correspondingly (no income from my wife). Will the creditors expect us to remortgage? We have 4th year remortgage clause which mentions a remortgage figure ,not a percentage of revaluation, to be paid back.

[BECKY]

Hi sja so sorry to hear about ur wife. I think the best thing woud be tell the ip the situation asap then u can come up with the solutions together. I know some will agree with me and some wont , but the end of the day its only money , u and ur wife are much more important.

[Skippy]

Hi Sja, I can't offer you any advice than to say speak to your IP, but I just wanted to say how sorry I am.

I agree with Becky - it's only money at the end of the day.

Good luck to you both x

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[lily]

Oh dear how horrible for you, it must be such a stress right now, what a blow. It certainly brings things into perspective. I do not know what the options are for you re your IVA.

Just wanted to say I am so sorry, is there any way you may be able to conclude your IVA early given the circumstances? This is the last thing you need to be worrying about, right?

Maybe one of the experts will be along to give some techmical advice.

lily

[bagpuss]

So sorry to read this...all the above are right, you really dont need to be thinking about this right now. I really hope you have a great and understanding IP who can help you.

best wishes and hugs for you x

[MelanieGiles]

What dreadful news to come to terms with. My thoughts are with you both, and I will try to answer your post if I was acting as your IP.

First of all, dealing with the IVA fades into insignificance in comparison with your wife's illness. If you can afford to make the ongoing payments into the future, do so, but have a chat with your own IP because there may be good grounds here for you to take a payment break for say one year, on grounds that the payments will be made up in the future. This will enable you and your wife to spend time together, without worrying about the household budget.

I wish you the very best of luck with everything, and also hope that you have an understanding IP and creditors.

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[tracy.h]

Hi SJA
what terrible news it must be truly heart breaking for your family,especaily also having the worry of financail aspects,but as the others say best advise on that issue would be your own ip.
I really do hope you are shown the help and understanding that you require at this sad time.
Take care

Tracy