Insurance

[CoverItAll]

Good morning rl, There are two issues here.

The first is that the Financial Services Authority requires us as a Product Provider to bring to each Client’s attention when they purchase cover the fact that ”this insurance is not compulsory”, just in case the Selling Agent has not. Within our Welcome Pack there is a document called “Statement of Price” that contains this, and confirmation of a thirty day “Cooling-off” period (full refund if you change your mind).

The second question is one that you, and more importantly your Insolvency Practitioners and your Creditors, should have addressed - 30% of IVA’s fail because the Debtor becomes Unemployed.

Cover is available against Accident or Sickness where your IVA payment is made until your IVA is discharged after 60 months, and against Redundancy where it is paid for up to one year, if Creditors will agree to pay for it.

We are partnered with a major firm of IFA’s not targeting Debtors to sell policies, but targeting Creditors and those who act for them to voluntarily accept a lower Dividend to fund this cover. Our campaign contains three simple statements.

As 30% of IVA’s fail through Unemployment:
CREDITORS accepting a Dividend of 49p will actually receive only 34.3p
INSOLVENCY PRACTITIONERS – will receive only 70% of their fees.
DEBTORS – another 30% of Debtors in an IVA will become Bankrupt.

IVA failure is in no-one’s interest. Accepting a 6.3% reduction in Dividend to fund cover actually increases the real Dividend by 8.4%

Our challenge and our mission is to have Creditors volunteer this course of action to Insolvency Practitioners.


John Tegg
Accident and Sickness cover that pays for up to 60 months for Clients within IVA's.
Tel: 0845 673 9999
e-mail: quotemeplease@asu4iva.co.uk
www.asu4iva.co.uk

[r_l]

Good morning rl, There are two issues here.

The first is that the Financial Services Authority requires us as a Product Provider to bring to each Client’s attention when they purchase cover the fact that ”this insurance is not compulsory”, just in case the Selling Agent has not. Within our Welcome Pack there is a document called “Statement of Price” that contains this, and confirmation of a thirty day “Cooling-off” period (full refund if you change your mind).

The second question is one that you, and more importantly your Insolvency Practitioners and your Creditors, should have addressed - 30% of IVA’s fail because the Debtor becomes Unemployed.

Cover is available against Accident or Sickness where your IVA payment is made until your IVA is discharged after 60 months, and against Redundancy where it is paid for up to one year, if Creditors will agree to pay for it.

We are partnered with a major firm of IFA’s not targeting Debtors to sell policies, but targeting Creditors and those who act for them to voluntarily accept a lower Dividend to fund this cover. Our campaign contains three simple statements.

As 30% of IVA’s fail through Unemployment:
CREDITORS accepting a Dividend of 49p will actually receive only 34.3p
INSOLVENCY PRACTITIONERS – will receive only 70% of their fees.
DEBTORS – another 30% of Debtors in an IVA will become Bankrupt.

IVA failure is in no-one’s interest. Accepting a 6.3% reduction in Dividend to fund cover actually increases the real Dividend by 8.4%

Our challenge and our mission is to have Creditors volunteer this course of action to Insolvency Practitioners.


John Tegg
Accident and Sickness cover that pays for up to 60 months for Clients within IVA's.
Tel: 0845 673 9999
e-mail: quotemeplease@asu4iva.co.uk
www.asu4iva.co.uk

thanks for all the replys. i know understand this better- do i have to go through my IP to take out this insurance OR can i do this myself? and if i can- where do i start?

Thanks in advance

[Hunter1]

I had my IVA approved yesterday (yippee!!).

No mention of insurance at all in the whole process -am I missing something here? Or maybe different IP's have different policies about this?

[Adam Davies]

Hi
I think its an IP driven insurance rather than creditor driven.
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

[r_l]

congrads on ure IVA hunter- my insurance was sold to me a few days after my iva was excepted.

maybe this is something u can query with ure IP

[r_l]

Hi
I think its an IP driven insurance rather than creditor driven.
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

Andy what do you advise?

Its obviously benefical for my IP to take out their insurance.

Should i seek the advice of a third party company- my friend (also in a IVA) has never had this offered to her and she has nearly completed her 60months.... it makes me wonder how compulsory it is.

[aguise]

Hi r l
its not compulsory just an option as I said bove I took mine as the iva was being arranged and as it made no difference cost wise I thought it more sensible as in this day and age redundancy etc is more common also though not exactly old health is not as goods as it was and any long term sickness id covered in fact covered after 15 days I think.

Ang

[r_l]

Hi r l
its not compulsory just an option as I said bove I took mine as the iva was being arranged and as it made no difference cost wise I thought it more sensible as in this day and age redundancy etc is more common also though not exactly old health is not as goods as it was and any long term sickness id covered in fact covered after 15 days I think.

Ang

Ive been thinking about this and i think 'to be on the safe side' i will take this back out. apart from contact my IP am i allowed to seek and take this insurance from whomever i like?

[aguise]

Excuse my rotten keyboard skills above. I dont know, try contacting john tegg at cover it all, he would know ( contact on the experts list) I just went with my company as it was on offer before the iva and built in to the proposal so if I didnt take it the iva payment would have been that much more as the income wwould have increased my disposable. The only thing I wish mine covered was death but doesnt . Not nice to think about but necessary.
Hope this helps.
Ang

[CoverItAll]

Good morning all,

To the best of my knowledge, there are only two ASU plans that have been designed specifically to protect IVA payments.

Insolvency Practitioners ClearDebt offer their IVA Protect policy. This is corporate rather than retail. The premium comes out of the IVA payment and it is applied to all their IVA’s. The cover offers twelve months benefit only, and is available only to Clients of ClearDebt starting a new IVA.

Independent Financial Advisers Griffiths & Armour offer their IVA Protection Plan. We have been involved in the development of this product for the last nine months. Our role has been policy and system design, and policy wording. In he future it will be underwriting and administration of the plan. This plan offers Accident and Sickness benefits payable to the ends of the IVA, so if such a claim arose in the first month, the plan would make up to fifty-nine IVA payments to your IP. For further information, please e-mail or call me.


John Tegg
Accident and Sickness cover that pays for up to 60 months for Clients within IVA's.
Tel: 0845 673 9999
e-mail: quotemeplease@asu4iva.co.uk
www.asu4iva.co.uk

[aguise]

Hi John
I have a ppi with freeman jones as with cleardebt you have your have your iva with them covers for five years if you become disabled or unemployed but on reading payments on these are only for twelve months covers sickness and accident invol redundancy. Underwritten by sterling insurance and we pay £ 35 per month for two of us. It is built in to the proposal.

Ang

[CoverItAll]

Hi all,

To the best of my knowledge, there are only two ASU plans that have been designed specifically to protect IVA payments.

Insolvency Practitioners ClearDebt offer their IVA Protect policy. This is corporate rather than retail. The premium comes out of the IVA payment and it is applied to all their IVA’s. The cover offers twelve months benefit only, and is available only to Clients of ClearDebt starting a new IVA.

Independent Financial Advisers Griffiths & Armour offer their IVA Protection Plan. We have been involved in the development of this product for the last nine months. Our role has been policy and system design, and policy wording. In the future it will be underwriting and administration of the plan. This plan offers Accident and Sickness benefits payable to the ends of the IVA, so if such a claim arose in the first month, the plan would make up to fifty-nine IVA payments to your IP. For further information, please e-mail or call me.


John Tegg
Accident and Sickness cover that pays for up to 60 months for Clients within IVA's.
Tel: 0845 673 9999
e-mail: quotemeplease@asu4iva.co.uk
www.asu4iva.co.uk

[r_l]

i have spoken to John Tegg and now resolved the problem.

he has been a great help - many thanks [x2x]