Payment protection for a iva

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AdamMerry
AdamMerry Posts: 92 Forumite
in IVA & DRO
Hi,
I have been in a IVA for about 2 and a half years now but i was thinking the other day about the payment protection i was paying (was set up by my IVA company) when i got the IVA is a bit steep.
I'm paying £32 per month for a £300 per month IVA, but I'm thinking about looking around to see if i can get the same cover cheaper.
I was wondering if anybody knows any companies about that do PPI for IVA's so i can get a rough idea if it is possible to lower my costs.

Thanks in advance,

Adam

Comments

  • shelene
    shelene Posts: 138 Forumite
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    i never heard of it either
  • mistercovert
    mistercovert Posts: 42 Forumite
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    You can now get PPI for IVA. Check out https://www.protectiva.co.uk.

    I wouldn't fancy claiming though, I suspect there maybe a lot of small print and get out clauses.

    Rob H
  • insider66
    insider66 Posts: 292 Forumite
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    mistercovert wrote: »
    You can now get PPI for IVA. Check out www.protectiva.co.uk.

    I wouldn't fancy claiming though, I suspect there maybe a lot of small print and get out clauses.

    Rob H

    wow, is this a genuine thing? i can't see how creditors would accept these payments and not get the money themselves with an increased D.I. ?
  • mistercovert
    mistercovert Posts: 42 Forumite
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    I believe it can be added onto the IVA itself. Not sure how it would be funded though.

    Rob H
  • John_Tegg
    John_Tegg Posts: 2 Newbie
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    My Company offers Protect IVA. Last year our insurer paid out more than 95% of the premium we sent them on claims. Normally Creditors will not allow the inclusion of its cost. Clients who want this cover pay for it themselves under sundry expenses, or through their Partner's income. We work with them to encourage their IP's to supporzt this.
  • mistercovert
    mistercovert Posts: 42 Forumite
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    John_Tegg wrote: »
    My Company offers Protect IVA. Last year our insurer paid out more than 95% of the premium we sent them on claims. Normally Creditors will not allow the inclusion of its cost. Clients who want this cover pay for it themselves under sundry expenses, or through their Partner's income. We work with them to encourage their IP's to supporzt this.

    What percentage commision are you for selling the product?

    Rob H
  • John_Tegg
    John_Tegg Posts: 2 Newbie
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    We are the Administrators. We maintain the website, provide the online application system, underwrite the risk, issue policy documentation and collect the premiums by Direct Debit. To cover all this, we retain aboit £2.25 per month of the premium. In spite of this, the Accident & Sickness benefit pays out until the end of the IVA. No commissions are paid on this product at all
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