I have been re-reading my IVA documentation it explains that I have IVA payment protection Insurance.
The policy will pay up to 12 months IVA contributions for any one claim should a debtor be unable to work due to accident, illness or involuntary unemployment. Accident and illness are covered from the day the debtor's proposal is accepted, but a 90 day qualifying period is required for insurance cover for unemployment. After the 90 day period any further occurrences of unemployment or illness will be covered for additional 12 month periods.
This seems a great idea and will mean that many IVA can continue even when the you go through unforeseen periods of change. I have not really heard about this on the forum, is this very rare? It seems it could answer about 30% of all posts on here for people who are struggling.
Does anyone have any experience of actually using these policies? If it too good to be true or did they pay out no problem?
Although I have this in my proposal already. The below link and information suggests you can get it added and that IP should be doing this for their clients upon application.
Hi. I have taken out IVA insurance with someone that came recommended on this site. I was going through something like this (I was at risk of being made redundant) I found thatit gave me so much peace of mind knowing that in times like these I would be covered. I luckily didnt have to claim and now I am just waiting for my completion certificate.I definately think that it should be made more widely known, But at the same time it shouldnt be forced on people they should just be aware that there is this avaliable should they be worried.
x
A lot of IPs recommend getting this and it is an expense as far as I am aware.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Hi Broke, looks like about 4% of divident payment. So if paying £300 per month then about £12 per month. Suggests best if put into original agreement then can be treated as an expense.
If you missed the boat, it may be worth including if you get a income rise.
As hoobily points out it really gives piece of mind in these uncertain times.
IVA insurance only covers IVA payments, and I tend to find that when people lose their jobs or are unable to work due to illness, there are higher priorities to consider - such as food on the table and essential utilities.
Perhaps a better format would be for people to look at income protection insurance - but I doubt very much that creditors would see the benefit of this, as some of them do not even support the funding of IVA insurance.
