Just like everyone else i want to ensure that my IVA succeeds therefore i have applied for IVA cover to protect my payments should i be made redundant etc from a recommended company on this forum. Am i right in thinking this cover is worthwhile to have?
I think it is ok. Like most things, read the small print before agreeing to anything and make sure it covers everything you need.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Any form of insurance tends to be good insurance - but do bear in mind that if you are made redundant there will be more important things to worry about - such as paying the rent or mortgage, and putting food on the table.
You do not need to take out life cover just because of the IVA, but it is always a good idea to have if you have dependents or anyone who would be affected by your death. The debts will not be passed to your next of kin, they will remain within your estate to be paid out in priority to any distribution to your beneficiaries.
Also provided you can afford the premiums and you have sufficient monies to live and make your IVA payments.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
