Can I keep my income protection insurance

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Marooni
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by Marooni » Mon Dec 03, 2018 7:00 pm
If I enter an IVA will I be able to keep my insurances? I have income protection insurance and I’ve recently had cancer so need to keep it in case the cancer comes back.
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Foggy
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by Foggy » Mon Dec 03, 2018 7:22 pm
Marooni wrote:
If I enter an IVA will I be able to keep my insurances? I have income protection insurance and I’ve recently had cancer so need to keep it in case the cancer comes back.


It varies from IP to IP and, even if accepted by the IP, has to be agreed by creditors. Generally the longer the policy has been in force the better and, of course, the income protection would also be protectimg your ability to keep up the IVA payments !
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Lisa Thomas
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by Lisa Thomas » Tue Dec 04, 2018 8:53 am
Sounds reasonable to me but as Foggy says the creditors can challenge the payments if they seem unreasonable.

If what you are offering to pay in contributions is fair and the overall estimated dividend is attractive when compared to Bankruptcy then I would like to think it should not be an issue.
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