IVA cover

[Daisy730]

I was just wondering if anyone has cover for their IVA. The one I have been offered is £38 and covers for sickness, redundancy etc. £38 is between me and my partner. What I'm wondering is how does that work as we hadn't included £38 in our expenditure.

[Niobe]

Not quite sure but it does seem like a good idea if you can afford the payments by savings from your other allowances.

[Broke of London]

I wasn't offered iva cover but it does sound like a good idea. You could fund it from savings in other allowances. Just make sure it covers you properly and isn't anther PPI debacle in the making [:)]

[Daisy730]

It's actually been offered to me by payplan.

[Foggy]

John (Coveritall) Tegg offers IVA protection -- might be worth comparing what he has on offer too.

[Niobe]

Payplan never offered it to us - we did have life insurance but as I;m now past 65 then that isn't applicable anymore.

[plasticdaft]

Totally disagree with iva firms selling cover like this!!!

Paul

[Shining]

I feel it's a good idea if the cover is adequate and reliable and the premium can be allowed for.

[Muggins]

Surely if you are made redundant or hav a period of sickness then your iva would need to be reviewed and possibly concluded or reduced payments if your financial status were to change!! Do you really need this cover? Or is it again anutha way of making a quik buck!!!

[Skippy]

Not necessarily - some people could be forced into bankruptcy if their circumstances change.

If the insurance is affordable and if the cover is suitable then I think it's a good idea.

[Michael Peoples]

Surely if Payplan are offering the cover it should be included as an expense and funded from the IVA. The beneficiaries are actually the creditors and not you so ask Payplan to reduce your payments so you can pay the cover.

[Tina Shortland]

I agree with michael - it should be an allowable expense otherwise you will be £38 short for the benefit of the creditors and Payplan.

Might be worth compainrg with Coveritalls cost - either way it should be in your budget.

[Adam Davies]

Hi

I think in Payplan DMPs it is automatically taken from the disposable income each month

Will be interesting to learn if Coveritall offer a cheaper premium

Regards

Regards

[Random Lady]

We started with a DMP before taking out the IVA. We had this type of insurance on the DMP but the creditors wouldn't allow it to continue in the IVA as an expense to us and it was one of the modifications that we had to cancel the insurance (which at the time I thought was a bit bizarre but it's done now).
Maybe it depends which company you are with whether your are allowed it or not?

[steven greenhalgh]

iam with payplan and my cover is in my income/exspenditure... am also in my final year with payplan..