Taxi Driver - Insurance Question

[TaxiDriver]

Hi all.

I have been an avid reader of this forum for some time and now feel ready, almost, to set the ball rolling with a IVA.

I am Self Employed as a Taxi Driver and I have a few things worrying me that are currently stopping me from beginning the IVA process.

My main concern is that my Taxi Insurance for my vehicle is coming up for renewal in April. This is normally around £1500+ and I pay for it over 10 installments. What worries me is that if I begin the IVA process then I wont be offered (or be able to get) the opportunity to pay it off in installments. There is absolutely no way I could pay it all in one go.

Any advice would be much appreciated.

Thanks in advance, this forum really is a fantastic place.

[TheArtist]

Welcome TaxiDriver. Is there a possibility you could accellerate your new insurance policy to enable you to use the instalment option. This would then be included in your income and expenditure arrangement with your IVA company. Unless of course you wait until after your renewal in April to kick in the IVA. Is your IVA just around the corner?

[TaxiDriver]

Thanks TheArtist.

Thanks for that.

Not yet started the IVA process but know that I need to do so.

Looks like it might be a case of timing it right to begin the process.

Thanks again.

[TheArtist]

Agreed. Just search around www.iva.com for the early donkey work. Its very helpful.

[IVANotOverYet]

Unfortunately, even if you get it sorted beforehand, that may not help you in year 2 onwards. Perhaps worth discussing with your and other insurers.

[TheArtist]

However IVANOY - it gives that precious breathing space for further insurance investigations, during year 1.