Declaring a cleared IVA

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amiable659

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Post by amiable659 » Sun Feb 09, 2020 6:14 pm
Insurance companies seem to want to know if you have been in an IVA or are currently in one for the last 5 years. Seeing that my IVA is complete and my credit file shows no record of the IVA anymore, are the right to request this information? As there is no way of them officially knowing about the IVA ever having existed, being that I am removed from the insolvency register, and the credit file is improved. What advice would you give? If I say yes to their questions of my getting household contents insurance is based upon information they cannot verify, but only have this when I admit it to them. I think this is as a draconian measure and smacks of punishment for getting into financial problems. Especially seeing that most of the insurance companies and banks nearly destroyed our economy and were infact bankrupt in 2008 without our governments assistance. lol I find it very cheeky for them to ask for this, you dont even need ot declare AIDS these days , so why a completed IVA?

Foggy

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Post by Foggy » Sun Feb 09, 2020 6:37 pm
At the end of the day they companies can ask whatever questions they deem reasonable to assess a risk. As to verification -- I wonder what archival records still exist ( after all PPI claims companies managed, so they claimed, to go back 35 years !) . Insurance companies also have their own shared database.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

kallis3

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Post by kallis3 » Sun Feb 09, 2020 6:40 pm
If you are asked if you have ever been in an IVA you should be honest and answer yes. Some companies do keep records for a while
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

Amiable

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Post by Amiable » Sun Feb 09, 2020 7:59 pm
All well and good. But I wonder what they are insinuating by asking? There should be no reason for this continued belief that somehow we are still liable to either criminal action or mismanagement of our funds. lol I am not interested in gaining Insurance if this is the way they play it. :)

sandybrowneyes2002

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Post by sandybrowneyes2002 » Mon Feb 10, 2020 6:38 am
Hi,

This wont be a popular view on this website,

I find an IVA just keeps going even after it finishes. I say this because:

1) Its advertised as a 5 years plan when for most people its 6 years. (Yes most people are made aware of this)

2) You stay on IVA registrar for 3 months after the IVA closes.

3) Stay on your credit reports 6 years from IVA registered date, However some company change the default to after the IVA registered (so it stays on your credit reports longer.)

4) And as you say insurance company will continue to ask and charge you more even after you have finished the plan.

Foggy

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Post by Foggy » Mon Feb 10, 2020 7:51 am
Mon Feb 10, 2020 6:38 amsandybrowneyes2002 wrote:
Hi,

This wont be a popular view on this website,

I find an IVA just keeps going even after it finishes. I say this because:

1) Its advertised as a 5 years plan when for most people its 6 years. (Yes most people are made aware of this)

2) You stay on IVA registrar for 3 months after the IVA closes.

3) Stay on your credit reports 6 years from IVA registered date, However some company change the default to after the IVA registered (so it stays on your credit reports longer.)

4) And as you say insurance company will continue to ask and charge you more even after you have finished the plan.
1) The 'standard' or 'base'term is 5 years. It is only 6 years when the debtor owns a property and cannot release equity as agreed or, if the creditors propose an extension due to low returns or Northern Rock being a major creditor.
2) What is three months compared to decades in debt otherwise ?
3) Yes, this sometimes happens, but it is against the 'rukles' and you can force them to change the dates back.
4) This seem to happen in some cases-- I can't say it has in my case. All of my insurances stayed pretty much the same. In fact, this year my car insurance practically halved. In the 7 years since my IVA ended I have never been asked about it.

I do agree, however, that the 'selling' of IVA's is questionable and the statements often misleading as well as some firms being economical with information.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk
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