My IVA is due to finish in Feb 2020. It's likely that I may be awarded critical illness. On the payment paperwork from the insurers its asked if I've even been bankrupt or in an IVA. Firstly why do they need to know this. Secondly if I wait until after Feb to complete this paper work. Will I be entitled to the full amount or will the IVA people still be able to touch it.
I've been in the IVa for 7 years and currently in the equity stage of the IVA as there wasnt sufficient equity for them to use.
I am due to complete on Feb 1st 2020. However, it's likely that I may be entitled to critical illness payout. Firstly why does the insurance company need to know if I'm in an IVA and secondly. If I am awarded the payout after Feb and I declare I've been in an IVA are the IVA company able to take any of the money
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
They ask about insolvency because they are duty bound to disclose the payout to the OR or IP. Now .... as to whether it should be paid to the IP or not : It will be at the discretion of the IP, at the end of the day, if the award is made during your time in the IVA --- which will not end in February 2020, but when the certificate of completion is issued (which could take anything from 1 to 6 months, depending on who your IVA provider is).
At what stage are you? Have you been told that you are to get this payment ? If so the IP could argue it was awarded (awarded, not paid) during the IVA. If you are merely lodging the claim it could be argued that, if they do not make a decision until the certificate is issued, the matter is entirely post IVA.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
