Who pays for IVA if something happens to me??

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phot_2
phot_2 Posts: 3 Newbie
in IVA & DRO
Hi, i have an IVA and i am approaching the third year of paying for it.
No problems so far but I am in the forces and after losing a very close friend it has hit home that i am not invincible!!
I rang my company and asked what would happen with the IVA in the event of my death. They said that my next of kin would have to pay it instead. Is this right?? Would life insurance cover this? I cant let my next of kin pay for it , 1. I got myself in debt so why should they pay for my mistakes??
2. One of my parents is 67 and the other cant work on ill health so cant physically find the extra 420 pounds a month that i pay!!

Please advise!!

Comments

  • skibadee
    skibadee Posts: 1,304 Forumite
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    I have an IVA recently accepted and done through CCCSVA I asked them the same question...I'm sure they said that if I died during the term of IVA the debt was cleared and no-one else would be liable.
    I would be interested to know about this too.
  • doelani
    doelani Posts: 2,576 Forumite
    First Anniversary Combo Breaker
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    No-one else would be liable for your debt but it would need to be paid from your "estate" just like any other debt.
    TOTAL 44 weeks lose. 6st 9.5lb :T
  • lexie2005
    lexie2005 Posts: 121 Forumite
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    I am sure that your next of kin cannot be liable unless it was a joint IVA like ours is......
    :grinheart I'm getting there...... slowly but surely
  • trudij
    trudij Posts: 1,905 Forumite
    First Anniversary Combo Breaker
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    I asked when I took mine out - and they said that if I died during the course of it,it would be written off. Its in my name, its my iva and noone else is liable for it.
    Do not meddle in the affairs of dragons, for you are crunchy and taste good with ketchup
  • phot_2
    phot_2 Posts: 3 Newbie
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    Thank you for the replies it sounds promising, i dont have a joint IVA and i dont have an estate!! only thing i can leave behind unfortunatley is my debt!!
    I received a message from money saving plumber who has suggested somewhere else to try and get advice from an IVA expert as soon as i have a reply from them i will let you know the outcome!!
  • declang
    declang Posts: 4 Newbie
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    phot wrote: »
    Thank you for the replies it sounds promising, i dont have a joint IVA and i dont have an estate!! only thing i can leave behind unfortunatley is my debt!!
    I received a message from money saving plumber who has suggested somewhere else to try and get advice from an IVA expert as soon as i have a reply from them i will let you know the outcome!!

    Hi, Did you your IP advise on taking out insurance to cover the payments in the event of redundancy, sickness or death? It is the norm and should have been set up when the IVA started.
  • msflowerfairy
    msflowerfairy Posts: 330 Forumite
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    Hi,

    In the stuff that i had from Payplan, it tells you that if you die while in an IVA it is written off, so please don't worry.
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