Thu Aug 15, 2019 7:31 amjhonpaul12 wrote:
Ok Is there any circumstances that to improve during the IVA and have to pay extra into the IVA with a lifeinsurance if it often 50% of a pay increase or whole of any money that can inherit or some of any PPI refund can get.
Life insurance will not be paid into the IVA unless you die --- in which case it will not be your problem. If the payout is specifically to a nominated person ( wife, kids etc.) it will not be part of your estate and they will be allowed to keep the money -- BUT .. the debts will still need to be paid from your estate as the IVA ends on death.
I suspect the life insurance your IP is talking about is to protect the IVA only, so, if you die during the IVA, the regular payments are made to conclude the arrangement and all debts will be written off at that point.
During the IVA -- nothing to do with insurance --- you pay your regular monthly payments. If you have a pay rise those payments will increase by 50% of the pay increase. If you have overtime or bonus payments you will have to make additional payments ( on top of the regular ones) of about half the overtime or bonus. If you have a windfall ( lottery win or inheritance or something like that), assuming you have the usual clauses, you can keep it all if the total is under £500. If the windfall is over £500 you pay it all in to the IVA, on top of usual monthly payments.