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Posted: Sat Feb 02, 2013 7:17 pm
by Lily.st
Hi
I'm in my final year of my IVA. Back in 2008 I had a really bad fire in flat which I had both home and contents insurance for. The reworking wasn't done so well and my flat now needs have the paint removed from the walls and then totally re-plastered. Because of being self-employed and the building company wanting to move me out for 3 months I was given a payout instead so I could do the work in my own time.
My plan is to hang on and do the work at a more suitable time little by little.
Is this money safe?
Many thanks L
Posted: Sat Feb 02, 2013 7:21 pm
by Shining
Hi and welcome.
I don't know the answer to this but would say check with your IP. I'll keep this bumped up for another poster to comment on. x
Posted: Sat Feb 02, 2013 9:51 pm
by luluj
Welcome to the forum....i would sincerely hope this was ok but lie Lesley i am not 100% sure so will bump back to the top to get an experts opinion.
Posted: Sat Feb 02, 2013 10:42 pm
by Hyperdrive
So Lily.st you made a claim but instead of getting someone else to do the work you were able to do it yourself and settled on that basis? The insurers are satisfied.
Posted: Sat Feb 02, 2013 11:04 pm
by MrsKnight
Bumped for a expert in the morning ... Keep checking in, there will be someone along to help.
Posted: Sat Feb 02, 2013 11:17 pm
by plasticdaft
If it was to replace a damaged telly it would be yours to keep so I see no reason why your ip would be interested in this money which is to repair damage to the property but run it past them.
Paul
Posted: Sun Feb 03, 2013 12:16 am
by wiggle1
I'll keep you bumped up as well, it seems to be an interesting point.
Posted: Sun Feb 03, 2013 8:36 am
by Biscuits
I agree with Pasticdaft other wise what's the point in us paying out for insurance ??
Posted: Sun Feb 03, 2013 8:41 am
by Adam Davies
Hi
I would say that the money is safe as it is purely for you to repair your flat following the fire.
Best to inform your IP though but I would be very surprised if there was an issue
Regards
Posted: Sun Feb 03, 2013 10:45 am
by Mrs S
Hi Lily-ST,
Whilst I'm not an IP, I am an insurer (property underwriter). The insurance company will insist that the payout is used for the work needed to be done on your flat. The aim on the insurance payout is to reinstate your financial position in your flat (not in general) to what it was before the insured event occurred. It cannot be used for anything else; your IVA will not be entitled to it.
Like Andy says, let your IP know but all should be well.
Have fun decorating.....my bugbear in life!
Mrs S.