Home Insurance with an IVA
An Individual Voluntary Arrangement (IVA) is a formal agreement that you enter into with your creditors whereby you pay all or part of your debts off gradually through regular payments. With an IVA your debts will be managed by an insolvency practitioner, who will help you set up the agreement with your creditors, sort out a repayment plan and handle the administration for the repayments you make.
When you have an IVA in place, your creditors will stop contacting you directly. An IVA is usually discharged after five years, as long as you have managed to stick to its conditions and make all of your payments on time. At the end of your IVA agreement, you should be debt free. Another benefit is that all of the interest rates and additional charges incurred on your debts get frozen, so you will not have to worry about your debt spiralling further out of control.
HOME INSURANCE WHEN YOU HAVE AN IVA
Some of our customers have been forced into financial difficulties for a variety of reasons and chosen to reset their financial futures by setting up an IVA. It’s not an easy decision to take as it makes life a little trickier for the time that the IVA is in place and for some time afterwards.
If you’re in an IVA or have been in the past, some insurance providers won’t give you a quote. We’re not like that! Homeprotect quote for customers who have had an IVA in the past or currently have one.
Tip: It might be tempting not to tell your insurer about current or past IVAs, but if you omit to disclose this and you later need to make a claim, the insurer will find out about your financial history because it’s available in public records and will most likely refuse the claim and cancel your policy immediately. Being honest about your situation is the only way to be sure you have the protection you need.
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