|
|
 |
 |
FORUM |
|
> Browse and post on our forum |
|
|
|
 |
|
 |
|
Note: You must be registered in order to post a reply.
To register, click here. Registration is FREE!
|
| T O P I C R E V I E W |
| indy2005 |
Posted - 05 August 2008 : 00:55:14
Hi,
Can I take out a life insurance policy while I am BR? I am guessing as long as I declare it, and dont include it on my IE...so it comes out of spare income, then this should be OK.
I have one joint policy with my wife which the OR has placed a charge on but would like a top up policy of my own. Nice surprise for the wife....one day, hopefully not too soon!
Regards
i |
| 7 L A T E S T R E P L I E S (Newest First) |
| indy2005 |
Posted - 05 August 2008 : 16:02:18
quote:
Originally posted by Suzanne
Hi
If you bought the policy back for £50 then the OR does not have a charge on it. There may just be some delay in this reaching the insurance company. Ring the OR and check they have informed the insurance company of the reassignment
Suzanne Stocker
Bankruptcy Manager
Jones Giles Ltd
www.jonesgiles.co.uk
quote:
Originally posted by Suzanne
Hi
If you bought the policy back for £50 then the OR does not have a charge on it. There may just be some delay in this reaching the insurance company. Ring the OR and check they have informed the insurance company of the reassignment
Hi,
Thanks will do. I bought the policy back but the insurance company are still saying there is a charge on it. I dont really understand this now...if the unthinkable happens and I come into 250K, I get to keep it all even though I am bankrupt just because I paid them £50?
Regards
i |
| Needafriend |
Posted - 05 August 2008 : 14:44:34
Hi sorry to barge in on this post. We have ins policies that were taken as higher amounts to pay off the high debt and the mortgage and leave the kids with a little nest egg should they need it.
I want to know if we dont buy our policies back, after we are discharged can we cancel them or can we do it before.
I really dont feel like buying them back from the OR as the amount was only done to pay the debts in the event of our deaths.
Please advise, do we have too and if we dont how long before we can either cancel them, stop paying them and when the OR will not have a charge on them so it is our again.
Thanks
Jo
"Lifes too short, Grab it while you can, Make each day count and live life to the full. Dont Worry- Be Happy!"
|
| Suzanne |
Posted - 05 August 2008 : 13:37:46
Hi
If you bought the policy back for £50 then the OR does not have a charge on it. There may just be some delay in this reaching the insurance company. Ring the OR and check they have informed the insurance company of the reassignment
Suzanne Stocker
Bankruptcy Manager
Jones Giles Ltd
www.jonesgiles.co.uk
|
| indy2005 |
Posted - 05 August 2008 : 13:10:48
quote:
Originally posted by Suzanne
On a policy taken out after bankruptcy they only have a claim if you receive a pay out prior to discharge. After this they have no claim.
Suzanne Stocker
Bankruptcy Manager
Jones Giles Ltd
www.jonesgiles.co.uk
Thanks,
What about a policy taken out prior to bankcruptcy? Dont tell me they have a charge on the policy for ever more!?
If thats the case I may cancel our old policy and just buy a new one now. I just bought a policy back for £50 but dont know what this has achieved as the insurance company tell us the OR has a charge against it.
Regards
i |
| Suzanne |
Posted - 05 August 2008 : 10:21:54
On a policy taken out after bankruptcy they only have a claim if you receive a pay out prior to discharge. After this they have no claim.
Suzanne Stocker
Bankruptcy Manager
Jones Giles Ltd
www.jonesgiles.co.uk
|
| indy2005 |
Posted - 05 August 2008 : 10:14:47
Thanks,
I appreciate it. I assume they only have a claim to the policy up to the point of me being discharged?
Regards
i |
| Suzanne |
Posted - 05 August 2008 : 08:50:57
Hi
If there were to be a claim on the policy while you are still undischarged the OR may be able to make a claim on the policy under the terms of after aquired property (property that is aquired during the period of bankruptcy). I will look into it and see if I can clairfy that.
Suzanne Stocker
Bankruptcy Manager
Jones Giles Ltd
www.jonesgiles.co.uk
|
|
|
| bankruptcyhelp.org.uk Forum |
© bankruptcyhelp |
 |
|
|
|
|
 |
|
|
|
|
|
