DFD say we cannot have life insurance of more than £70 PER MONTH But our mortgage protection is £246. We have tried to reduce payments but all quotes were more than £360, we sent proof. We are over 3 years in and now this has arisen what can we do, very worried. Pay £665 P.M. Plus at least £200 on top by working overtime. I have poor health but am still working at least 60 hours per week and I am 64 years old.
You need to go back to them and find out where this figure has come from and why is it an issue after all this time. It is risky asking anyone to cancel life policies as it could be deemed financial advice which is a highly regulated business.
If this proposed as a modification by creditors at the time of the original IVA it may be best to call a variation to allow the payments to continue and provide evidence that replacement cover would be even more expensive.
Hi Julie.97,
Please drop me an email (address is in my profile), with all your contact details and I will get in touch to discuss your issue further.
Look forward to speaking to you soon.
Regards,
Evette Everest
Your best bet is probably to request a variation meeting as this is likely to be a modification put forward by the creditors at the chairman's meeting. It should have been raised with you before now but there's nothing you can do about that now.
You will need to be aware though, that if the creditors did put forward this modification and it has not been adhered to they can petition for failure of the IVA and will probably expect an extension in lieu of the extra payment that would have been made from reducing the life insurance policies.
