hi there, my wife has entered an iva a few months before we got married and the advice we got from the iva company told us that the iva would have not affect on myself as it is in her sole name and we have no accounts etc jointly. but..... after trying to renew my public liabity insurance the renewel went from £ 85 per year to £788. !!! because of one question on the insurance quotes it asks " has a busniess partner,or any family member been bankrupt or in an iva?" the answer is yes to this question, so when i spoke to the iva company they just said it doesnt affect my insurance.
The ip has misinformed you...they really were not the best people to ask.
If you Google on the internet it will tell you getting business insuance is a problem as criminality or/and bankruptcy will exclude applicants.
You need special brokers that does Iva related public liability insurance.
I am surprised that you are affected as you weren't the one in an iva?
Just proof further being linked to an iva is just as damaging.
It SHOULD have no effect. However, no IP can predict how any third party is going to react to the IVA, some parties are harder than others. An IP will probably tell you that you will be able to get a mortgage post IVA, which, on the face of it is correct. But, if you try getting that mortgage from HSBC, for instance, the answer will, most likely, be a firm "No" .... forever, it seems.
Providers criteria all differ.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
After 3 years when your iva finishes in the normal timescale..9 years in total...things can be back to normal.It really can. It could be at 90% the norm as if you didn't do the iva.It takes time.Case by case diffences apply.
HSBC don't do the best deals.They don't have the biggest share of mortgage loans.So we can forget about HSBC.But Not sure they ban people for life after an iva?
It is true that ivas now has the worse reputation as defined in how organisations react.Worse than it ever was...
Her IVA will probably affect your credit file, as you will I suspect, be financially linked in other ways, eg: Joint names on mortgage/rental agreements.
I have a similar issue (I am in the IVA and Wife is not, but she cannot get credit thanks to being 'associated' with me).
As for PL insurance, try Hiscox (been with them since start of IVA), or an independent broker.
My opinions are just that: Based on my experience and being a self-employed IVA customer.
Depends on what type of Public Liability Insurance you need but I have a policy through them linked to travel and accident that includes this.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
It should not affect you but as your own experience shows creditors/insurance companies can have their own criteria.
Seems strange to increase an insurance premium just because a family member is in a formal insolvency agreement
Shop around, you may find a much better deal
It seems odd to involve family members or business partners as you do not know their affairs. An IVA is a private matter and if you did not know that a partner had entered one and ticked no in good faith would your policy be invalid?
