If some one in an IVA dies,does lifeinsurance goes to the creditors

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jhonpaul12

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Post by jhonpaul12 » Sat Aug 24, 2019 6:33 am
if life insurance policy has a beneficiary it is assigned to it,It is very unlikely to say that you will responsible for someone else if the amount of money that goes directly to the beneficiary. Will it reflects to IVA is there any advice?

Foggy

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Post by Foggy » Sat Aug 24, 2019 9:34 am
As I have said before -- if the payout is to a named beneficiary, the money is theirs and has nothing to do with the IVA. If the payout goes into your estate debts can be settled from it in the usual way, The IVA itself will cease on death.
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 » Mon Aug 26, 2019 7:21 am
Sat Aug 24, 2019 9:34 amFoggy wrote:
As I have said before -- if the payout is to a named beneficiary, the money is theirs and has nothing to do with the IVA. If the payout goes into your estate debts can be settled from it in the usual way, The IVA itself will cease on death.
OK but if it an individual debt how they should also stop that taking out regular payments of someone who has died . How long does that Life insurance payouts do not usually form part of the estate.

Foggy

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Post by Foggy » Mon Aug 26, 2019 10:29 am
Mon Aug 26, 2019 7:21 amjhonpaul12 wrote:
Sat Aug 24, 2019 9:34 amFoggy wrote:
As I have said before -- if the payout is to a named beneficiary, the money is theirs and has nothing to do with the IVA. If the payout goes into your estate debts can be settled from it in the usual way, The IVA itself will cease on death.
OK but if it an individual debt how they should also stop that taking out regular payments of someone who has died . How long does that Life insurance payouts do not usually form part of the estate.
Everything depends on what type of insurance you have taken out: If it is the one your IP is recommending, I suspect that it is only to protect the IVA payments and the IP will get a lump sum ( one payment) to cover the remaining payments if and when you die. There would be no payments to your estate, none of the money would be yours.
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 Aug 27, 2019 6:32 am
Everything depends on what type of insurance you have taken out: If it is the one your IP is recommending, I suspect that it is only to protect the IVA payments and the IP will get a lump sum ( one payment) to cover the remaining payments if and when you die. There would be no payments to your estate, none of the money would be yours.
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Ok but whether it covers the health insurances also.If someone pass away the IVA would be terminated or and then creditors would claim against any estate. whether the IP will look at the finances and work out when the IVA is likely to be approved.
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