www.iva.co.uk

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

Hi, not sure on this does is specifically ask about IVA or an arrangement with creditors.

I would imagine that everyone has had financial problems of one sort or another at some time -- as quoted it is a very sweeping question!

No it does not say iva , hy foggy what do you meanby sweeping

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 ?

So do we have to say yes foggy

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.

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!

If your unsure maybe try another company? Not all ask these questions. Good luck

It may be worth shopping around. x