payment protection

pedro · Joined: 14 Jun 2007 Posts: 2

I have recently proposed an IVA and an awaiting the result of my creditors meeting which is scheduled for the beginning of next week. I’ve just had a thought, what happens to the Payment Protection policies which I took out with my credit cards and personal loan? Would these now be classed as ‘void’ as I have defaulted on my credit agreements by proposing an IVA or would the creditors reduce their individual debt before submitting a claim in the VA? I have asked the company that I am proposing the IVA with, who advised that they would look into the matter and let me know, but in the meantime, just wondered if anyone out there would know the answer???? Adios Pedro

John · Posted: Thu Jun 14, 2007 1:51 pm Post subject:

Hello Pedro.

You should contact each credit card company and cancel the policy with them if they haven't done this for you. Be aware that some credit card companies pay their staff bonuses if they 'retain' your payment proctection custom. If they try and re-sell their insurance to you, be polite and say no.

You may have the same cover on catalogues, storecards etc. They too, should be cancelled.

You may not be able to cancel insurance that may be on a presonal loan once the loan has been approved, but do check with the lender.

I hope this helps.
Please let me know the outcome of the meeting of creditors.

John McKeown - ClearDebt

pedro · Joined: 14 Jun 2007 Posts: 2

john

that is a big help

thanks

pedro