www.iva.co.uk

Thought I would update you all on a meeting i had with John Tegg this week.

The reason for meeting with John is that he talked about a few bespoke protection products in his video interview ( please look at it as it is quite encouraging for us all) and I wanted to see how his soultions could help my clients.

Over the years all the experts have seen people that all say What if!

The situations i am describing are :-

1. Mr & Mrs with children. They have significant outgoings and substantial debt and a large mortgage. Mr dies WITHOUT INSURANCE and therefore Mrs unable to meet mortgage payments etc is finally reposessed and moves from a 5 bed detatched property with mercedes etc etc and moves to a 3 bed 6th floor flat and uses the bus. This is all because they didn't see the value of a modest monthly payment to cover the mortgage & debt.

2. I have around 11 current clients who are in IVA's but have for a variety of reasons are unable to continue the contributions to the IVA( they have been made redundant, illness means that they can't work, 2 have had serious car accidents and are on long term "sick")

The problem that these folks have is that after carefully deciding that they want to repay their debt via an IVA they have been caught at the last hurdle and in some cases the family home is now seriously at risk.

I am aware that many of the creditors don't want to see insurance policies within an IVA I&E because this reduces the return to creditors. However if you have any form or "emergency or contingency" fund in the IVA I would really encourage you to get advice and review the need or not to ensure that you can successfully complete your IVA and that it won't dramatically affect your life if you have a repayment problem.

Actually think that John has a web page that will give you an idea of the cost ( or as some might say investment) . Got to say I was quite surprised by how affordable I seemed.

I do realsie that an IVA is already tight but it seems such a shame to have struggled for a few years only to find you fail at the last hurdle through no fault of your own.

This is not a sales pitch just a real encouragement to everyone in an IVA or considering one to review their options and consider protecting their decision.

Thanks

Paul,

Thank you for this lovely surprise !

When we were originally designing Protect IVA we based everything on an average monthly IVA payment of £325.00.

For a self employed client, cover against Illness or Injury, with benefit payable right through to the end of their IVA costs £10.56 per month.

For an employed person, adding in Redundancy cover with that benefit payable for 12 months, increases the cost to £13.82.

Of those premiums we retain just £2.11 per month to cover the administration costs, including premium collection by Direct Debit.

These are special rates for Forum Members.

It saddens me to hear of IVA failure through inability to work, when this can be covered for so little cost. This, plus my own experiences of Bankruptcy, motivated me to subsidise both protectiva and protect-a-debt from our other business.

We really have done all we can to keep the premiums as low as possible.

John

thanks for that

I saw a couple on Friday night who are in an IVA. They were worried to death about the what if scenario so absolutely delighted when I was able to let them know about the things we had discussed only hours earlier.

Keep up the great work!

Hi
I would echo Pauls words
When taking out an IVA you need to set your stall out correctly from the sart,the right company and IP,the right expenditure,the right mortgage[or a provision built into the IVA if a fixed rate is ending]and if possible an insurance policy to cover circumstances that are out of your control.
Remember an IVA is your chance for financial freedom and rehabilitation,and believe me life after an IVA is worth all the worry and hardship.Even if your own IP doesn't allow for the premium in your expenditure I would recommend digging deep and affording this cover.
Just for info myself,Paul Johns and IVA.co.uk do not benefit whatsoever by recommending Johns product,we simply think that the benefits far out weigh the cost.Finally remember this product has been designed and is underwritten from someone who has been through exactly what we are,or have been,through i;e IVA or bankruptcy
Regards

Thanks Andy

I should really have made that clear.

A little bit of careful planning and some protection means that you won't need 2 debt solutions rather than the 1 you carefully chose in the first place.

Just to endorse from an IP point of view that I fully believe in this insurance cover and actively recommend it to my clients.

I am starting to see signs that people are becoming more aware of the risks of not paying their IVAs and I have received a few enquiries from existing clients recently.

Forum Members can visit ourIVA or DMP Protection websites (see below)and obtain quotations for cover with no pressure.

If you buy the cover, do remember to send us a separate e-mail with your forum name, so you qualify for the special Forum Members' discount.