IVA protection insurance

[worryhead]

Has anyone ever taken this out and what do people think, i saw on here about the IVA protection insurance in case you are sick or lose your job at no fault of your own and was wondering if anyone on here has it, i filled in the online application and received the forms to sign today, it looks good but just wanted to see if anyone has had any experience in this. Just worrying cause i know its only £11 a month to cover my payments but its a lot when your on a tight budget. But obviously worth it if the worse happens.....any experience please before i post the form back [:)]

[MelanieGiles]

I have a couple of clients who have chosed to take out the insurance, and I have to say that I feel it is a very good idea if you can build it into your budget. For 36p per day it does bring peace of mind, and if you struggle with the payments just cancel the policy.

[worryhead]

Thanks Melanie, another little question, my payments are £210 a month
but they said i am covered for £260, does this extra just get paid into the IVA if i had to claim on it, or do i get the left over? its not very clear on why i am covered for more then i need.

[MelanieGiles]

That seems odd, Worryhead. Are you using protectiva for your cover? If so I would query those figures, as they should be limiting your cover to the amount of your contributions I would have thought.

[CoverItAll]

Hi Worryhead

With a monthly IVA payment of £210 the maximum cover available with Protect IVA is 125% of that figure - £260, but you do not have to take that much cover, the choice of cover level is entirely yours, up to the maximum of £260.

Incidentally, now we know you are a Forum Member, you qualify for the Forum Member's discount.

This discount reduces the cost of £260, of cover from £11.70 to £11.05, and if cover of £210 is sufficient, then the cost comes down even further to £8.95 - 30p per day.

[MelanieGiles]

This cover is so cheap, compared to the benefits it can actually provide.

[Lisa2009]

We didnt know about the protection cover when hubby entered his IVA.
I have to say though, if we would have known about it we would have deffinately taken it.
You just never know whats round the corner, as we found out just over a year in when i was diagnosed with MS.
Luckily we scraped by but it could have been a whole different story.
To anyone just starting off, i would like to say.....consider it carefully and try to fit it in to your budget because you just dont know what life is going to throw at you.

[worryhead]

Hi coveritall, if you can cover for the extra amount to £260, what happens with the difference (£50) does that go on the IVA too, confused, if i dont need it i might have to reduce the cover.

[worryhead]

Hi just called and spoke to coveritall and got everything explained, so i am now going ahead with this. Thanks for all your advice everyone x

[Helper and Seeker]

Being fairly new to my IVA 7 or 8 months in now.

This thread is abit confusing as I thought the whole point of the reviews were to cover issues like what the insurance covers.

If I lost my job tomorrow I could not make my payments. I guess I am going to sound daft but the IVA and my creditors would just have to wait till I got back on my feet again and could continue with my IVA. As any creditor would if I was not in an IVA and approched them of illness or job loss.

Now tell me yeah I should be right and that would be logical but, it is not the case[:0]

A tenner a month is alot of money to allocate for many and like myself whose IVA was the only last resort I dont have enough to cover my living expenses let alone anything extra.

But if you can afford it then it would be a welcome peace of mind to know your safe and so is your family if you the main breadwinner were to suffer any misfortune in anyway.

[emma_t]

I am a born worrier and am very intersted in this cover, as you never know whats round the corner.

John, I believe that you are going to the Frugal Friends on Saturday in Birmingham, could I have a quick chat with you there about it if you don't mind..?

I think it would give peace of mind and a benefit to all concerned (the person in the iva and the IP)

Thanks
Emma x

[Shining]

I have just rung the office but I think John is out of the office, I was offered his mobile number but am going back to work shortly and will call again on Monday. I am interested but do have a few questions before I proceed with an application. We are in an interlocking IVA, do we take out separate cover for each part of IVA?

[CoverItAll]

Hi emma_t
Yes I will be in Birmingham tomorrow evening, and will be delighted to talk wqith you about Protect IVA.

[CoverItAll]

Hi isthereanend
Yes I was out of the office in Birmingham today, so you were talking with our Answering Service in Wrexham.

If you, or anyone else, have queries or concerns about Protect IVA, by all means raise them here, or e-mail me a name, telephone number, day and time, and I will be delighted to give you a call.

[Shining]

Thanks John, I'll ring probably on Monday or it'll be Wednesday due to work committments but I am more than interested.