As our life insurance has been excluded from IVA, will we need to inform IP of maturity value ?

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Jayne.pl

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Post by Jayne.pl » Wed Aug 13, 2014 7:40 pm
WE ARE IN OUR 4TH YEAR OF OUR IVA AND HAVE A LIFE INSURANCE POLICY THAT WILL MATURE SOON AND WILL HAVE A MATURITY VALUE. THE LIFE INSURANCE POLICY WAS A 15 YEAR PLAN WITH A REFUND AT THE END WHICH WE INTENDED TO PAY FOR BURIAL PLOTS. WE DID PROVIDE OUR IVA PRACTITIONER DETAILS OF THE LIFE INSURANCE POLICY AND IT HAS BEEN EXCLUDED FROM THE TERMS AND CONDITIONS OF THE IVA. WILL WE NEED TO INFORM OUR IVA COMPANY OF THE MATURITY VALUE AND WILL IT BE CLASSED AS A WINDFULL
 
 

UpToMyNeckInIt

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Post by UpToMyNeckInIt » Thu Aug 14, 2014 10:13 am
Sounds like your IP has reviewed it and excluded it, based on your information.

On the basis that your IP would otherwise have mentioned you having to hand over this sum, and the fact that the policy is excluded, suggests that you should be able to keep this refund.

You will only know for sure by running it part your IP.
My opinions are just that: Based on my experience and being a self-employed IVA customer.
 
 

Adam Davies

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Post by Adam Davies » Thu Aug 14, 2014 11:17 am
Hi

As long as you are sure that it has been excluded then all should be fine

May be worth double checking with your IP before cashing in

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Andam Davies
 
 

Michael Peoples

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Post by Michael Peoples » Sat Aug 16, 2014 3:39 pm
If it has been excluded it is yours to enjoy just as the others have said. Perhaps you could use some to settle the IVA.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
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