With all the flooding in the Uk and more bad weather coming in, maybe a little advice for those who may be affected that are in an IVA with no home insurance or cover.
Can people in IVAs get some help with stalling payments so they can get their homes back up and running if they have been flooded or had the roof blown off by the wind?
Are there any rules that they may have to follow and what should they do?
I really feel badly for those that are suffering, more so those who have a limited budget like we all have had and need help to get their homes safe and sound again.
How would the IVA be affected if they had a grant from the government to help them repair?
Any help/advice I'm sure would be appreciated.
Stay safe and warm people, we are about to get battered again from what the weather man says. [:(!]
IVA completed!!! Looking forward to getting my life back! Stay positive and you'll get there in the end.
IPs who note that their clients do not have basic house and contents insurance, should be highlighting this at the outset and ensuring that appropriate cover is found before the IVA is finalised.
We note that in about 1 in 10 of cases that come into our firm, that such cover is not in place - and we ensure that our clients source appropriate cover before finalising. Basic contents insurance is still relatively cheap to source. It is therefore very rare for any of our clients to be at risk from losses caused by flooding or any other disaster.
IPs do need to be helpful when it comes to covering essential items prior to a claim being assessed and settled, and also to cover any policy excesses.
Thanks Melanie, I'm sure the advice will help.
We always made sure we had cover as it was always important to us.
I hope people will check their cover policies and contact their IPs if they do find their in trouble because of this weather.
Stay safe everyone.
IVA completed!!! Looking forward to getting my life back! Stay positive and you'll get there in the end.
I'm sure it's reassuring to know that if you live in an area affected by the floods and are in an IVA there are things that can help. Hoping everyone stays safe.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
We would always advise our clients to obtain cover whether the property is rented or owned. It is not unusual for clients to have cancelled various insurances just to try and stay on top of the demands of creditors.
If any of our clients do suffer losses we would call a variation for a payment break and I doubt if there would be an issue with creditors.
Any advice as to how to balance the increase premium/lower excess.
I'm thinking would IPs generally prefer to see very little or no excess and a higher premium or a lower premium with higher excess (the excess has to come from somewhere out of the budget)
Along the same lines what about accidental damage ?
I am not sure that IPs generally scrutinise that side of the insurances too highly martinw, but I guess the lower the excess, the less chance of disturbing the IVA payments.
