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| sandra.3 |
Posted - 31 March 2010 : 16:15:15
I was made bankrupt 3 years ago, gave official receiver details of life insurance policy,have now surrendered the policy, but insurance co need official receivers permission to pay out. Official receiver are saying I did not purchase the interest in the policy, but they did not ask me to. |
| 5 L A T E S T R E P L I E S (Newest First) |
| shelleyandrew76 |
Posted - 01 April 2010 : 14:29:42
I had a life policy which Ive had since 1996. It has no surrender value, only on death and I had to pay for this to be transferred back to me.
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| debtinfo |
Posted - 31 March 2010 : 19:33:03
yep as the others have said the rights to any surrender value or pay out will remain with the OR indefinitly unless you buy it back. |
| chester2005 |
Posted - 31 March 2010 : 16:31:19
sadly the OR doesn't always mention the buying the interest back in life policies ar maybe only in passing in the OR interview
if the policy had a cash in value then they should have cashed it in at the time
officially it still belongs to the OR so you should contact them
Dave
Don't worry or know that worrying is as effective as trying to solve an algebra equation by chewing bubble gum.(Baz Lurhman)
RevivaUK and Paul Johns helped me through it all i can't recommend them enough!! |
| Bridgewood |
Posted - 31 March 2010 : 16:29:17
Hi Sandra
When you were made bankrupt, your interest in the policy passed to your bankruptcy estate administered by the OR.
Often there is no surrender value on a policy, in which case the OR would have no interest unless you died before discharge.
If there is a surrender value it is usually surrendered by the OR to cover the costs of the bankruptcy or pay a dividend to creditors.
The surrender value of the policy, I think, will remain an asset of the bankruptcy even though you have been discharged as it was an asset at the time of the bankruptcy, just not realised.
It may be you could argue (if you continued to pay the premiums) that you have contributed to the increase in value since your bankruptcy, but I suspect that the OR is entitled to the surrender value |
| RHB |
Posted - 31 March 2010 : 16:26:22
Usually you have to pay to keep insurance policies. Are you sure this wasn't mentioned at all? |
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