Home insurance with an IVA

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jhonpaul12

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Post by jhonpaul12 » Thu Aug 29, 2019 5:36 am
If I have been in IVA ,in the past will the insurance providers can give a quote ?And insuring my home when I have been insolvent or an IVA ?

Foggy

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Post by Foggy » Thu Aug 29, 2019 7:57 am
They can give a quote, but some will refuse. The premium might also be higher than if you weren't insolvent.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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jhonpaul12

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Post by jhonpaul12 » Fri Aug 30, 2019 7:19 am
Ok well but If I buy a policy will they offer two payment options allowing to choose whether to pay a single payment or monthly installments? So If i have an IVA will it be the easiest.

Foggy

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Post by Foggy » Fri Aug 30, 2019 8:19 am
Different companies will offer different options, some will and some will not accept the IVA and creditors might not allow the premiums to count towards your expenses.
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

jhonpaul12

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Post by jhonpaul12 » Sat Aug 31, 2019 8:46 am
Ok but with an IVA how the debts can be managed by the IP and how it will help to set up the agreement with the creditors ?

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Post by Foggy » Sat Aug 31, 2019 9:33 am
Sat Aug 31, 2019 8:46 amjhonpaul12 wrote:
Ok but with an IVA how the debts can be managed by the IP and how it will help to set up the agreement with the creditors ?
The IVA is a legal contract between you and the creditors, supervised by the IP, who acts as the bridge between you and the creditors. The terms are already set out in standard paperwork. The IP will look at all of your income and all of your expenses and calculate how much you can afford to pay each month -- then he will share that payment between your creditors.
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

jhonpaul12

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Post by jhonpaul12 » Tue Sep 03, 2019 7:05 am
Ok but If I have a poor credit history IVA on my file how they offer a installment plan and how it cost to spread equally across 12 months. And how they offer payment options on as many quotes as possible where an IVA is recorded?

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Post by Foggy » Tue Sep 03, 2019 10:20 am
Tue Sep 03, 2019 7:05 amjhonpaul12 wrote:
Ok but If I have a poor credit history IVA on my file how they offer a installment plan and how it cost to spread equally across 12 months. And how they offer payment options on as many quotes as possible where an IVA is recorded?
As said before each insurance company has different policies about IVA's, some will allow installments, some won't. Some won't even insure you at all and others don't seem to worry !
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

jhonpaul12

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Post by jhonpaul12 » Thu Sep 05, 2019 6:55 am
Ok well but if we despite their benefits is there any drawbacks in an IVA if it was considered.if the IVAS mean you are likely to pay for creditors more than will bankrupt will be for a longer period.

Foggy

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Post by Foggy » Thu Sep 05, 2019 7:41 am
Thu Sep 05, 2019 6:55 amjhonpaul12 wrote:
Ok well but if we despite their benefits is there any drawbacks in an IVA if it was considered.if the IVAS mean you are likely to pay for creditors more than will bankrupt will be for a longer period.
There are many drawbacks to an IVA -- but sometimes they are acceptable, according to your circumstances ... nothing worthwhile is easy, they say !
If you do not own a house and if your job allows ir bankruptcy will be over faster ( three years). If you own a house with a lot of equity they may get more in bankruptcy. It is impossible to say without knowing the full facts.

Speak to an Insolvency firm.
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

jhonpaul12

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Post by jhonpaul12 » Fri Sep 06, 2019 7:25 am
But will any changes occur on my financial situation s in the case of IVA when i report to IP in the charge of any case ?And how I can be able to persuade the creditors not to take the value of property when the IVA payment is devised..

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Post by Foggy » Fri Sep 06, 2019 7:59 am
Fri Sep 06, 2019 7:25 amjhonpaul12 wrote:
But will any changes occur on my financial situation s in the case of IVA when i report to IP in the charge of any case ?And how I can be able to persuade the creditors not to take the value of property when the IVA payment is devised..
If you can produce a good arguement why they should not take the value of the property it is possible that they will agree ---- but it will need a very good reason and the creditors will want something in return ... maybe a years extra payments.

Of course your financial situation will change --- you will be officially insolvent. You will not be allowed to have any more credit until the IVA has finished and a share of any money above your normal income will need to be paid to your creditors on top of the agreed monthly IVA payment, sometimes all of it.
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

jhonpaul12

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Joined: Mon Jul 29, 2019 12:19 pm

Post by jhonpaul12 » Tue Sep 10, 2019 7:21 am
[\quote] If you can produce a good arguement why they should not take the value of the property it is possible that they will agree ---- but it will need a very good reason and the creditors will want something in return ... maybe a years extra payments.

Of course your financial situation will change --- you will be officially insolvent. You will not be allowed to have any more credit until the IVA has finished and a share of any money above your normal income will need to be paid to your creditors on top of the agreed monthly IVA payment, sometimes all of it.
[/quote]

If I own a home will it require IVA agreements for requirement to get valuation for my home.is there any equity for the property that i usually need to raise a lump sum amount to put in IVA remortgaging the home.

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Post by Foggy » Tue Sep 10, 2019 7:41 am
If there is more than £5,000 of equity towards the end of your IVA you will be expected to try to raise a lump sum by remortgage, or, sometimes, by a secured loan to release that equity to the IVA. If you cannot get a remortgage or secured loan the IVA will be extended by another 12 months instead.
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

jhonpaul12

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Joined: Mon Jul 29, 2019 12:19 pm

Post by jhonpaul12 » Wed Sep 11, 2019 6:36 am
If I cannot remortgage is there any option that paying off my IVA. Will be any third party for paying lump sum amount about the value of interest.
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