It depends on the terms of the voluntary arrangement.It is unlikely these days that statutory interest would be payable - but death will generally bring the IVA to a conclusion in any case. The IP will then distribute the funds they are holding to creditors bound by the IVA, and the balance of debts will fall into the estate to be paid out of the assets - to the extent that any are available.
I think you can have life insurance. We're with Payplan and they pay for insurance for both of us so that if either of us dies, the IVA for that person is paid off.
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
Most definately - for anyone with a spouse and/or children I always like to see some form of policy in place - although unlike Kallis' IP I don't provide it as I tend to stick to what I know.
It is only for £20k and if you have pre existing conditions then you're not covered, but as it doesn't cost us anything then that's fine by me.
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
We have life assurance and also critical illness which we were allowed to continue with in the IVA. I feel it would be madness not to be covered in the event of death or critical illness, especially if you have a young family.
I know your hubby is an underwriter's nightmare Kallis so thankfully you have cover for your IVA x
7 year IVA completed in December 2016 - there is light at the end of that tunnel
We have life assurance and also critical illness which we were allowed to continue with in the IVA. I feel it would be madness not to be covered in the event of death or critical illness, especially if you have a young family.
I know your hubby is an underwriter's nightmare Kallis so thankfully you have cover for your IVA x
7 year IVA completed in December 2016 - there is light at the end of that tunnel
