been of our iva 2 years today recieved a quote to insurance asking if we ever had any financial problems , need to know what we say to this thoughts please
Sweeping, Orange .. means it's a question that covers ALL scenarios.
Imagine a wealthy banker .. never had an IVA or defaulted on any credit payment. He is asked the question, " Have you ever had any financial problems?"
On the face of it, we would guess the answer to be "No!".
What about that month when his bonus cheque was late and he had to borrow off Dad for a week ?
What about when the bank double debited the payment on his Aston Martin and took a month to refund it ?
Or, when he was unemployed 10 years ago and living hand to mouth on benefits ?
So, in reality, even out wealthy banker should answer "Yes" to that particular question, worded in that way.
Silly examples maybe, but how many times have we heard of various companies hanging on minutiae like this to avoid their duties to their client ?
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Heres my two pennyworth. If you don't Orange and you claim and they find out afterwards they can refuse to pay out as it will be in the small print somewhere about stopping claims if you haven't declared something. Might be worth giving them a ring and asking them to clarify the question.
Last edited by Pandy on Sat May 10, 2014 3:40 pm, edited 1 time in total.
If life is what you make it, I must have been in a strange mood when I made mine
I cannot say how you should answer. If you say no, what PJ has highlighted might happen. If you say yes, they could refuse to insure, hike the premium, or simply ignore it.
I have seen life insurances decline to pay out for really stupid non-disclosure. I am sure others are the same!
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
