SPS
If you are considering an IVA, please make sure that you do not actually surrender your endowment policies and or change anything to do with your house until told to do so by your IP. Remember, if you surrender your endowments, you will no longer be entitled to any life insurance that often comes with such policies. As such, you may need to make provision for seperate life cover once the policies are gone and build this into your monthly expenditure budget.
I suggest that just getting surrender values at this stage will be sufficient and a quote for the replacement life cover. Then the IVA can be presented taking these things into account. Once your IVA is accepted by your creditors, your IP will then advise you to go ahead and surrender policies etc.
It is always best to wait to make these changes until the IVA is accepted if possible because if your IVA is rejected you may have put yourself in a worse position.
James Falla
Expert in IVA, Bankruptcy and informal Debt Management solutions, with extensive experience of solving personal debt problems over the past 10 years. I am regularly featured on BBC News, Finance Programs and Radio.
Visit my blog at:
http://jamesfalla.blogs.iva.co.uk