Insurance

[r_l]

Since i started my IVA some 18months ago- i was told i had to pay £19 a month as insurance protection. Problem was my direct debit was due to come out a couple of days before payday.

To cut a long story short- i missed 3 payments (over 18month period)-i always made 2 payments to the following month. As well as paying the charge to the bank. However they have now written to me stating that my policy has lapsed because i was late in paying these. I did expalin to them the situation and asked whether i could change the date but i was told i was not allowed.

So i now have no insurance protection- do i need it and if i do how do i go about getting some more. I feel silly as it my fault- but my money is very tight

Help - many thanks X

[Skippy]

Hi RL, I'm probably being thick (it's Friday afternoon and I'm envelope stuffing!) but what was the insurance protection for? Was it for your IVA? I never had to make any insurance payments for mine.

Onwards and upwards!!!

View my blog at http://skippy13.blogs.iva.co.uk/

[Janey]

rl - I personally would speak to your IP as soon as possible.

Skippy - I'm replying to your question re insurance protection. I have to pay £60 per annum which is included in my iva payments. This gives protection up to £20,000. My IVA was accepted through Payplan in March and I have just recently made my first payment. Hope this helps.

[aguise]

I pay £38 month for both of us it also is built in to the iva.
Ang

[iva experts]

Afternoon All,

I have to say I'm confused with Skippy, is this insurance you are referring to accident/illness etc insurance that is in your IVA monthly expenditure? OR is it insurance that your I.P has sold you?


Hope this information is of use

Regards. IVA Experts

[Skippy]

Thanks for that. I don't remember seeing it in my proposal, I'll have another look just out of curiosity.

Good luck with your IVA's Janey, Aguise and RL.

Onwards and upwards!!!

View my blog at http://skippy13.blogs.iva.co.uk/

[Adam Davies]

Well this is the first that I,ve heard of an insurance thats provided by your IVA provider.What does it actually cover ???
I sense a bit of an extra money earner for the IVA providers here !!!


Andy Davie
IVA.co.uk Spokesperson and site manager
(aka Neverending)

Please check out my blog: http://andydavie.blogs.iva.co.uk

View my profile here:
http://www.iva.co.uk/andy_davie_profile.asp

[r_l]

They told me that i had to take it out - so i am paying approx £220 a year (or i was)
I know it may be £20 a month but it is something i could really do without. i will speak to my IP but im worried that they will tell me to take it back out - when its never really been expalined to me what it cover? i suppose ill have to ask.

When i queryed it before they told me that it is in case i ever got made redundant.. the insurance would pay into my iva for so many months???

Thanks anyway

[iva experts]

Thanks for the extra information RL.

My guess would be that it is accident and illness cover, just like the cover you can get from any lenders on the High St.

I would definitely speak to your I.P about it and explain your situation.

Hope this information is of use

Regards. IVA Experts

[Oliver]

I would agree with IVA Experts that this is an ASU (Accident, Sickness and Redundancy) plan which will pay you a certain amount each month (I'm thinking your IVA commitment) if you can't work because you are inflicted with a sickness, have an accident or are made redundant.

ASU plans aren't necessarily bad things in general but it is important for you to know exactly what you have been covered for and whether this cover is mandatory. As you are paying for your cover yourself, talk to your IP about what it covers and whether you can stop payments. You can then make an informed decision on whether or not you continue to pay into the policy.


Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

[Adam Davies]

Hi
It do seem odd that no-one seems to be sure exactly what they are paying for.If you look at Aguise,s case of £38 per month its over £2200 for the term of the IVA.With creditors becoming focused more on the living expenses I am surprised that this is allowed.
Regards

Andy Davie
IVA.co.uk Spokesperson and site manager
(aka Neverending)

Please check out my blog: http://andydavie.blogs.iva.co.uk

View my profile here:
http://www.iva.co.uk/andy_davie_profile.asp

[aguise]

Hi Andy
The insurance is a payment protection plan by the company we have the iva with it covers you if you become disabled or unemployed during the 5 years of the iva. i was surprised it was allowed but made no difference as if we did not have the cover we would have paid £38 more into the iva. I think they said some creditors will not accept these but we were lucky and ours did. The £38 is for the two of us so £19 each a month. So to a degree its as with the fees the creditors in effect are paying for it, but on the other hand without it some would fail due to unexpected illness or loss of work.

All the best Ang

[Janey]

For your information I have copied the Group Life Insurance Scheme, Client Notice that I received from Payplan (This was on a plain A4 piece of paper, I signed a copy and the other copy went to Payplan)

Payplan Partnership Group Insurance scheme

1. Group Term Life Insurance – Cert No. ……
2. Insured – Payplan Partnership (formerly known as Shaw Insolvency Services (Northern)).
3. Period of Insurance – 1st January to 31st December inclusive of both dates.
4. Sum insurance £20,000 any one Life Assured.
5. Premium £60 per annum per life assured (paid out of IVA funds).
6. Sum insured is payable to Payplan Partnership
7. Main conditions:
a. No evidence of health will be required – the policy will not cover death from a condition whether mental or physical) which existed prior to cover under this policy.
b. Insurance ceases on (I) death of life assured, (ii) on attainment of age 65 years (iii) on being discharged by insurer.
c. Exceptions – death due to :
i. war
ii. civil commotion
iii. acts of terrorism
iv. nuclear disaster
v. contagious diseases
vi. suicide

Please note:
- Payplan partnership will make a claim and it will hold any funds payable under the policy in accordance with the terms of the IVA.
- As soon as funds are available to pay the premium individual names are added to the central list of lives assured. Typical time scale 1 month.
- You should keep this notice in a safe place.
- Cover last a year under the policy (for example: if you enter the scheme on the 30th November 2006, cover will expire on the 29th November 2007)
- Subject to eligibility cover will be renewed.
- Should you require a full note of exemptions and conditions please write to your case officer.

I just thought it was something everyone had to have included in the iva to cover for death.

[freelili]

so you have to pay to insure yourself to ensure creditors get paid if you die?

Hey now theres comminment to creditors, I bet Mbna are trying to insall phones in heaven, or maybe they'll start employomg hit men. Dont tell HSBC or I am toast.

LILY

I asked God for a solution and have to live with his reply.

[aguise]

Hi again
Mine does not cover for death only disability unemployment redundancy, sickness.
Ang