INSURANCES

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Simbel

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Post by Simbel » Fri Jul 23, 2010 9:17 pm
Hello everyone - I've been very quiet recently - IVA going well - except today I'm in a total panic. July was the month that all our insurances had to be renewed. Car insurances were renewed with new companies and we even managed to budget so that we could pay those off all at once. However, with our Home Building and Contents insurance we just don't have the money to pay it off all in one go. So I went looking for a cheaper insurance - thought I had found a really good deal with Tesco - paying monthly (just as I am doing now with present insurers, Churchill). I came home tonight to find the schedule and insurance certification documentation only to find amongst the paperwork a credit agreement. I was not aware that I had taken out any credit at all - I opted for the 12 month installments paid by direct debit.
Can anyone please help, I'm in a terrible flap about this, scared stiff that our IVA's will be cancelled. Should I cancel this insurance tomorrow morning. Please please can anyone advise. Many thanks. Simbel[V]
 
 

Julie

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Post by Julie » Fri Jul 23, 2010 9:23 pm
Hi Simbel,

Lovely to hear from you [;)]

I don't think its a problem at all - when hubby was in an IVA we paid our home/building insuance monthly and IP was fully aware. I;m sure its the norm for most people in IVA's.

xx
 
 

Adam Davies

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Post by Adam Davies » Fri Jul 23, 2010 9:26 pm
Hi
Don't worry. You can pay for insurances by DD and take out a credit agreement. They are structured in such a way that you will never actually owe any monies, the insurance will just cancel if you miss payments
Regards
Andam Davies
 
 

Simbel

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Post by Simbel » Fri Jul 23, 2010 9:27 pm
Hi Julie,

It's lovely to hear from you too! I'm in such a flap honestly as soon as I read the words Credit Agreement I felt sick and it is as if someone has punched me in the stomach - it's been six months and I have Credit completely out of my system. I'm just worried - should I contact Clear Debt and advise them of this?
 
 

Simbel

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Post by Simbel » Fri Jul 23, 2010 9:28 pm
Thanks for replying Andy - do you think I should advise my IP just incase they get something flagged up saying I have taken out Credit (which of course I haven't) or should I not worry about this at all and leave it?

Many thanks again for your help
 
 

Adam Davies

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Post by Adam Davies » Fri Jul 23, 2010 9:32 pm
Hi
No, you have nothing to worry about.
100% sure on this
Regards
Andam Davies
 
 

Simbel

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Post by Simbel » Fri Jul 23, 2010 9:37 pm
Thanks Andy (phew panic over) [:)]
 
 

ontheroad

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Post by ontheroad » Fri Jul 23, 2010 9:41 pm
Hi Simbel, good to hear from you again, glad your iva is going well, as for insurance on monthly payments you have nothing to worry about, we have a couple of these arrangements and there is no problem at all with them and being in an iva, if you are happy with the quote then take out the cover and do not worry because all is fine to do so.
 
 

Simbel

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Post by Simbel » Fri Jul 23, 2010 9:48 pm
Hello ontheroad - hope you are well, thanks I will stop worrying now - thought I had been really clever by shopping around and getting slightly lower quotes and especially as some companies won't even insure people with IVA's such as HISCOX etc. However, there are quite a few who don't ask whether you are bankrupt or in an IVA and it is still quite competitive out there.
 
 

Sinking Fast

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Post by Sinking Fast » Fri Jul 23, 2010 10:02 pm
Hi Simbel,

Glad to hear all is going well with your IVA.

If you opt to pay monthly by DD, will they not credit check you?
 
 

ontheroad

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Post by ontheroad » Fri Jul 23, 2010 10:03 pm
It was good thinking to shop around as you never know what deals are out there and if it saves a bit of money, then hey, result !!
 
 

kallis3

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Post by kallis3 » Fri Jul 23, 2010 10:50 pm
Nice to see you Simbel.

All my insurances are paid monthly, car, house and pet. Never had a problem.
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
 
 

CoverItAll

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Post by CoverItAll » Sat Jul 24, 2010 12:28 am
Hi Simbel

The fact that Insurers do not ask whether or not you are in an IVA does not remove your duty to inform them of this. Insurance contracts are based on "utmost good faith". Each party to the contract has a duty to inform the other of any fact that MIGHT be material to their decision. If you do not inform them, you will not know until you try to make a claim whether they regard this as material or not - and then it's too late.

I have worked in Insurance for 44 years and know how claims departments work. I was discharged from Bankruptcy 12 years ago, but still disclose this every time I buy insurance - and have the Insurer confirm to me that I have done so and also confirm that it does not prejudice my cover.
John Tegg
john.tegg@dms4asu.co.uk
http://www.paymentcover.co.uk
STANDARD TERMS for Forum Members for Home Insurance, Self Employed Tradesman's Public Liability, and Short Term Income Protection.
 
 

kallis3

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Post by kallis3 » Sat Jul 24, 2010 6:52 am
We've made two claims on our contents insurance in the past twelve months with no problems and the company is not aware of the IVA.

I know there can be a problem with BR as I know Skippy has posted about this in the past.

I must admit though John that I would not be informing anyone about a BR after 12 years.
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
 
 

Skippy

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Post by Skippy » Sat Jul 24, 2010 9:52 am
I have to say that the only time that I informed my insurer about my BR was when I was actually BR. I have read the small print of the policies since and nowhere does it mention BR.
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